BANGKO SENTRAL NG PILIPINAS GOVERNOR BENJAMIN E. DIOKNO — PHILIPPINE STAR/ GEREMY PINTOLOistration will not reduce government spending to address the ballooning budget de“There should be no cut in our expenditure plan. I think we should really focus on raising enough taxes. I’m confident that because of the tax system that the Duterte administration will leave… we will be able to raise enough taxes to ensure we will meet our deficit targets,” he told ABS-CBN News Channel on Monday.
Asked if he will support proposals to impose new taxes, Mr. Diokno said the recent tax reforms would provide the next administration with enough room to generate enough revenues. Mr. Dominguez has said the government cannot cover the existing debt by borrowing more or reducing spending every year. During the pandemic, Congress passed Republic Act No. 11469 or the Bayanihan to Heal as One Act and RA 11494 or the Bayanihan to Recover as One Act.
Economists, however, said the government should have ramped up spending to boost the Philippines’ recovery from the pandemic.
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