By: Elena Grace Flores
CNN Philippines
[VIDEO]: Marcos picks Benjamin Diokno as Finance Chief
13 Trillion Pesos Debts
The incoming Finance Secretary, Ben Diokno said in that it is important to continue the country’s current economic policies. He would prudently and carefully balance economic growth with fiscal discipline. So, the 13 trillion Pesos debts are manageable, assured Diokno.
Grow the Economy
The Philippine economy grows by more than 8.3% in the first quarter. Inflation worldwide did not affect the country much. People are buying local products more. Exports remain strong. All sectors, especially the agriculture and mining industries need to start up again. The Duterte administration has already resumed mining operations. President-elect Bongbong Marcos said that he’s not sure if agriculture can take on the competition. But will look at it again and makes sure that it won’t lose.
Taxation Consolidation
Diokno seeks consensus among lawmakers and cabinet members to pursue the new fiscal consolidation plan. It’s needed because the deficit-to-GDP (gross domestic product) ratio is around seven percent, Diokno said. The incoming economic team of the Marcos administration will pursue the pending two measures of the comprehensive tax reform program (CTRP) of the Duterte administration.
