Moving Forward: United Special Supplement Marcos government seeks higher PH economic and credit standing
Strong fundamentals and bright macroeconomic prospects provide room for optimism, according to the new economic team.
“Now, the [Marcos] administration has to continue the country’s pursuit of A-level rating. This can be done by crafting, among others, a well-thought-out fiscal consolidation framework, which has been prepared by the Executive Department and ratified by Congress,” Diokno said. Diokno said debt would be the first fiscal issue he would focus on at the DOF. “Maybe the first order of business will be [looking at] the sustainability of public debt. While our debt-to-GDP ratio is above the 60-percent limit, I don’t think that is a cause of concern,” Diokno said in a recent briefing.
He also said it is very important to raise the level of economic growth because, “the higher the growth of the economy, the more revenues that may be generated.”The national government debt at P12.76 trillion in April was 8.83 percent higher than the end-2021 outstanding debt. The DOF said there are higher odds of achieving these investment-led growth targets given the infrastructure spending in prior years, the lowering of corporate income taxes and the recently-passed structural reforms .
“Our debt-to-GDP level stands at 63.5 percent, slightly higher than the internationally prescribed best practice of 60 percent of GDP. As early as next year, the Philippine government will begin principal payments for loans incurred over the past two years,” she said. Both widespread budget cuts and financing debts with borrowing would lead to slower economic growth, spiraling debt levels and eventually, fiscal and economic crises.
The economy grew by 5.7 percent last year and sustained its robust momentum with an 8.3 percent growth in the first quarter of 2022 after the pandemic-driven recession in 2020.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
President Xi Jinping sends Chinese VP for Marcos Jr.'s inaugurationChinese President Xi Jinping will be sending Vice President Wang Qishan as his special representative to the inauguration ceremony of President-elect Ferdinand Marcos Jr. on June 30.
Read more »
Filipinos hope incoming President Marcos would focus on economic issues during his term — surveySeventy-two percent of Filipinos hope that President-elect Ferdinand “Bongbong” Marcos Jr. will focus on addressing economic issues during his six-year term, according to the PUBLiCUS Asia survey conducted from June 16 to 22. READ:
Read more »
LIVE UPDATES: Inauguration of Ferdinand Marcos Jr. as Philippine presidentPresident Ferdinand Marcos Jr. is set to lead the Philippines starting noon on Thursday, June 30. Bookmark and refresh this page for Rappler's live coverage.
Read more »
President-elect Bongbong Marcos Jr. and incoming First Lady Liza Araneta-Marcos to spotlight piña textile with their inauguration looksHours before the much-awaited inauguration happening on June 30 at the National Museum of Fine Arts in Manila, President-elect Ferdinand “Bongbong” Marcos Jr. shared on social media what he and his family will be wearing on the day.
Read more »
Marcos taps QC village chief as DILG usecPresident-elect Ferdinand Marcos Jr. has designated the barangay captain of Holy Spirit, Quezon City to serve as undersecretary of the Department of Interior and Local Government. Read:
Read more »