By: Elena Grace Flores
UNTV News and Rescue
[VIDEO]: Incoming Finance chief Diokno Believes that the Philippines can Pay the 12 Trillion Pesos Debts
12 Trillion Pesos Debts
Incoming Finance Secretary Benjamin Diokno said that it’s better to focus on how to make the economy stronger. Not on paying the debts. He contradicts the suggestion of his predecessor. Because a strong economy results in strong tax resources, he added.
Sudden changes in the fiscal policy can’t help in paying the debts, the incoming President Bongbong Marcos insinuates. PBM’s priority is to implement the economic recovery plan first and foremost. Changes in taxation can follow after that. It won’t help to solve a problem in one sector and burden the other.
Tax holiday is under consideration by the president to ease the heavy load of the most affected sector of the economy. These are the small, and medium enterprises. The country’s GDP growth is at 6.3%. Diokno said that for as long it will continue to grow sustainably at 6 to 7 percent, the Philippines can surely outgrow the country’s debts.