DOF ready to ensure smooth economic transition in 2022

The Duterte administration is ready to assist the new presidency during the transition period next year in addressing four primary concerns that will affect economic stability beyond 2022, Finance Secretary Carlos Dominguez III said in an economic forum Thursday morning.

The four issues involve prudent debt management in relation to expanding the economy above 6 percent a year; inflation caused by global shortages; pandemic-induced inequalities; and climate change.

Dominguez said the country was poised for a strong recovery toward a more inclusive economy owing to the strength of its institutions.

He said the administration also introduced numerous policy reforms to build a business-friendly environment including the reduction of red tape; the digital transformation of public agencies; implementation of a national ID system; infrastructure modernization; and a rationalized corporate income tax and fiscal incentives policy through the Corporate Recovery and Tax Incentives for Enterprises law.

The remaining period of President Duterte’s term will be focused on rapidly modernizing governance; accelerating the rollout of the “Build, Build, Build” infrastructure program; and continuing with the market-friendly reforms attractive to investments, Dominguez said.

“The Duterte administration will also ensure that the next presidency will be ably assisted during the transition period in addressing four key issues that will impact the Philippines’ economic stability. These include ways on how to prudently manage the debt we have accumulated and grow our gross domestic product at a rate higher than 6 percent per annum as we have done. We need to deal with the issue of inflation brought about by shortages around the world,” Dominguez said.

Dominguez said during Maybank’s 25th anniversary Wednesday night that climate finance involving both adaptation and mitigation projects would become a principal concern as all countries would be engaged in transitioning their economies by way of actual projects on the ground.

Topics: Department of Finance , DOF , Finance Secretary Carlos Dominguez III , economic transition
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