NextGen Day

MANILA, Philippines — According to Department of Finance (DOF) Secretary Carlos Dominguez III, President Rodrigo Duterte’s administration is redoubling its efforts to expand the economy at a much faster rate in the remaining quarter to recover the opportunities lost for high and inclusive growth during the two-year pandemic.

The Duterte administration, armed with the passage and implementation of hard-won reforms, “will continue working until the last hour of our mandate to contribute all that we can to our strong economic resurgence,” Dominguez said during the first day of the virtual Rotary International District 3870 Conference.

“A better future for the next generation of Filipinos is the prize for all the work we undertake now,” he remarked.

President Duterte’s strong political will to push game-changing reforms that had been stuck in the legislative mill for decades, and how the entire nation worked together to overcome the challenges of the pandemic-induced global health and economic crises, according to Dominguez, conditions for the Philippines’ post-pandemic rapid growth have never been better.

“It will not be an issue during the election season.” We have a long history of peaceful and orderly power transitions. He went on to say, “We will transition to the next administration with a comprehensive budget reduction plan to return the country to its high economic track.”

Dominguez said the country is well on its road to a good recovery from the pandemic that broke out in March 2020, with the epidemic already diminishing and the coronavirus disease 2019 (Covid-19) vaccine program moving along at a rapid pace.

“In 2021, our risk management strategy resulted in 5.6 percent full-year growth, exceeding both target and market expectations.” Our GDP is expected to rise by 7 to 9% this year,” he remarked.

Revenue collection was already 5% higher in 2021 than it was in 2020, and overall merchandise trade and remittances were also above pre-pandemic levels, all of which indicate a return to robust economic activity, according to Dominguez.

This year, the DOF director aims to fully restore revenue collection to pre-pandemic levels.

Furthermore, the Duterte administration ended the year with a record-high of US$10.5 billion in foreign direct investments (FDIs) as it continues to make progress in lowering unemployment, he said.

The sole stumbling block to this upbeat forecast, according to Dominguez, is the ongoing Russia-Ukraine situation, which has exacerbated the dislocations caused by the country’s two-year epidemic war.

He predicted that the Philippines, like all other countries, will see higher inflation as a result of the crisis’ influence on oil and commodities prices.

“The Duterte administration is keeping a close eye on developments and is doing everything possible to reduce the impact of rising oil and food prices on our people.” Our objective is to help the vulnerable parts of our society from the adverse impacts of inflationary pressures brought about by the conflict,” Dominguez added.

He said the assistance would come in the form of cash payments for the poorest half of the population, public transit fuel subsidies, and gasoline reductions for small farmers and fishermen.

Dominguez reiterated his plea for all countries to do everything in their ability to use all diplomatic channels available to help end the issue in a peaceful manner as quickly as possible in order to minimize the conflict’s global impact.

He went on to say that while the pandemic disrupted “what could have been the Philippines’ stunning path to high and inclusive growth,” the government was convinced that the setback would only be transitory due to the fiscal changes implemented by the Duterte administration.

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