The Philippines will also face stiffer competition from other economies that were able to rebound faster from the effects of the pandemic. New realities brought about by climate change would also pose challenges, the Finance chief said.
To bring the debt level to around 40 percent of GDP, the Philippines will need to grow 6 to 6.5 percent per year, he said. The second major challenge after debt was inflation, which mainly comes from overseas, according to Dominguez. The Finance chief said faster inflation is being driven by higher fuel prices, transportation and logistics costs. Pent-up demand following the pandemic has also led to shortages of goods from microchips to cars.
Dominguez, who also sits as Chairman of the Philippine Climate Change Commission representing President Duterte, said he has observed these changes personally in his own hometown. Revenues will return to pre-pandemic levels next year, he said. The budget deficit as a percentage of GDP is projected to decline starting next year, as revenues start to recover and grow at a faster rate than expenditures. Dominguez also noted that the Philippine government still has the flexibility to respond to any needs created by the Omicron variant.
And who's fault is that? Admit you failed to do your job.
As finance secretary isn't Dominguez supposed to manage debt & inflation? With Inequality, the result of the justice system, is the good secretary saying the Duterte Adm is a big failure? I thought so.
Kc linubog nyo na sa utang yun yun!!!
You know why in spite of the major issues the Duterte govt will pass on - many still wants to be president ? The Philippines hits bottom rock - dead end. Next president will simply say 'It's Duterte 's fault. No way but up now. Question is how long to recover?
Corruption and failure of leadership not Covid. Malay ng virus dyan.
Due to *DUTERTE
Duterte legacy
No, I think not due to covid. But due to ur admin's policies and priorities. Covid only was the trigger.
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