July 27, 2021

The Department of Finance (DOF) is preparing a budgetary recovery plan for the next administration

The Department of Finance (DOF) is working on a recovery plan to make budgetary choices easier for the future government.

“We’re putting up a strategy so that by June 30, 2022, we can hand it over to the next administration. During an interview with PTV-4 on Monday, Finance Secretary Carlos Dominguez III stated, “There will be a strong solid, what we call a fiscal recovery plan.”

According to Dominguez, the proposal they’re putting together for potential approval by the future government includes tax increases and cuts to certain wasteful expenditures.

He said that tax changes had made the present government financially sound, allowing it to spend on pandemic-related expenditures.

He went on to say that, despite the credit rating outlook change, the economy’s resiliency has kept its credit ratings at investment-grade levels.

Fitch Ratings reaffirmed the Philippines’ ‘BBB’ rating earlier this month but altered the outlook from stable to negative due to the pandemic’s economic effect.

Because of the epidemic, Dominguez described the ratings outlook adjustment as “natural,” noting that the credit ratings had remained unchanged.

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