Two hot wars and a trade war are ongoing.
“They are causing geopolitical tensions and putting pressure on the global economy, which is already struggling with high inflation and interest rates, imbalanced trade deficits and higher fiscal deficits globally,” Finance Secretary Ralph Recto told the Manila Overseas Press Club’s “Finance Night” March 20.
“Fast forward to 2075, Goldman Sachs’ forecast positions the Philippines as the 14th largest economy globally, outpacing France,” Recto smiled broadly. Multilateral organizations validate the vigor of our economy, expecting us to be a frontrunner in ASEAN with a projected GDP growth of 5.8 percent to 6.3 percent in 2024.
The robust remittance inflows from our overseas Filipino workforce also sustain domestic consumer demand. Our comprehensive Reduce Emerging Inflation Now or REIN plan will ensure that inflation remains within our target range. The fiscal outturn was brought about by a faster 21.15 percent year-on-year increase in revenues, reaching P421.8 billion.
Our high credit ratings summarize all our efforts to maintain fiscal discipline. This is a strong vote of confidence in our sound economic policies and a big win for ordinary Filipinos as it translates to more accessible financing for the government’s development programs. Through the Ease of Paying Taxes Act, processes are already streamlined and taxpayers can now file and pay their taxes electronically anywhere in the country.
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