“That will, of course, vary per year, and some years will need lower debt than others. But if you want to stretch out the payment schedule, that’s the kind of fiscal space you need to cover the COVID-19 debts without incurring budget cuts,” Salceda said.“Of course, borrowing more to cover past borrowings is a downward spiral to fiscal hell. So, you really need to expand fiscal space,” he said.
Salceda said presumptive president Ferdinand Marcos Jr. could tap his supermajority in Congress to “enact smart, efficient tax and economic policies to address this debt overhang.”“It’s the biggest election victory since 1961, so I think there is plenty of political capital for difficult but necessary reforms,” he said.
Salceda added that the sooner the incoming administration starts a fiscal expansion program, “the better it will be for investor confidence, our credit ratings, our debt overhang and our future growth prospects.” “You need money for the most important campaign promises: cheaper rice, more efficient government services and improved agriculture. So, I would suggest quick and effective fiscal measures being undertaken in the first 100 days,” he said.Salceda cited taxation on the digital economy, which grew by at least 16 percent during the pandemic.
That's easy. Singilin lang yung may utang na P205B e di P121B na lang!
Patay gutom na Piliinas
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