Finance Secretary Carlos Dominguez 3rd emphasized on Friday the importance of fiscal sustainability and a solid financial system to the Philippines’ economic recovery from the coronavirus pandemic.
To sustain a healthy fiscal position, the Finance chief said the state needed to collect more taxes. He expressed optimism that as the government’s tax-gathering agencies, the Bureaus of Internal Revenue and of Customs , embark on full digitalization, its P2.88-trillion revenue target this year would be reached.The BIR and BoC collected P1.95 trillion and P537.7 billion, respectively, last year, down 10.32 percent and 14 percent from P2.17 trillion and P630.3 billion in 2019.
A strong private sector is also key to the government’s rebound strategy, the secretary said, as “the more sustainable path to recovery is to foster the revival of our enterprises and the restoration of consumer activity.” It also aims to modernize fiscal incentives by making them performance-based, targeted, time-bound and transparent.“With Create, we are leaving the money in the private sector’s hands to revitalize their businesses,” Dominguez said.
Signed on February 17, FIST allows banks to efficiently offload their bad loans and nonperforming assets .
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