By: Elena Grace Flores
[VIDEO]: Diokno: We can easily outgrow our debt; We have plan for fiscal consolidation
Can Easily Outgrow Debts
Incoming Finance Secretary Benjamin Diokno shares his plans for the country’s economic development. By sustaining growth, we solve the tax problem, he assures the public. We need to push private-public relationships. Expand wi-fi capacity. Continue the Build Build Build, which he calls the Golden Age of Infrastructure. This will take the country out of the poorest infrastructure list. This will give a lot of jobs to people. We can pay our debts, he added firmly.
GDP Ratio Close to 100
Diokno’s litany continues. We are in a better situation now, the new Finance Secretary said. Focus on tax administration. Improve the collection. 99% is done digitally. That already is more efficient and reduces corruption. Foreigners can invest in TELCO, transportation, construction, and many more sectors. The pandemic helped people to get used to digital payments. So, the debts now are more manageable than before.
NET Contributor to the IMF
9 months’ worth of imports is our reserves. A better tax structure can raise more tax payments. As long as the economy can grow 6 to 7%, the economy will grow. There’s a plan to go back to 3% GDP. But the problem really is to go back to the trajectory. We are almost there to reduce poverty to 14%. Can bring down debts to a single digit. Mining must come back for one. Taxes must be fair to everyone. Now, the country is no IMF project. But a net contributor to the IMF.