NextGen Day

Foreign investors and business leaders were informed on Monday by Finance Secretary Benjamin Diokno that the Philippine economy is strong enough and that the government is making every effort to address post-pandemic issues.

Diokno made the comments during the Philippine economic briefing in Frankfurt, Germany, which was broadcast live on the Facebook accounts of many government agencies.

The head of finance noted that although the government is taking steps to address the problem, such as increasing the capacity and productivity of the agricultural sector to help combat the rise in commodity prices, to manage prices by ensuring adequate supplies of agricultural products, it is a problem in the Philippines as it is in other nations.

In order to reduce inflation, he added, “We are also keeping up with the importation of critical supplies.”

The government has permitted the importation of rice, sugar, and meat to continue, which is one of the main causes of the increased food costs brought on by supply problems.

Relatively speaking, Diokno gave investors comfort by assuring them that the government has implemented a fiscal consolidation program to manage the rise in government liabilities, which is partly attributable to the increased borrowing to support pandemic-related activities.

He listed three variables, one of which is that “just a small fraction of our outstanding debt is vulnerable to interest rate resetting,” which will support the government’s budgetary reduction.

This is because the majority of the government’s liabilities come from domestic sources, with the domestic market receiving about 75% of the borrowing program.

When we created the interest rate payments in the 2023 budget, we already expected tighter monetary policy conditions, according to Diokno.

He continued, “Local players who are bank-centric and have uniform investment governance dominate the government securities market.”

He claimed that they provide the government’s budgetary consolidation with substantial support.

In spite of the challenging international environment, Diokno continued, “We are convinced that the Philippine economy has the ability to navigate the post-pandemic world.”

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