NextGen Day

MANILA, Philippines — Despite the economic and social upheaval created by the Covid-19 outbreak, a Palace official said on Tuesday that the Duterte administration’s “game-changing reforms” were implemented before and during the health, crisis helped shape a better future for the country’s economy and people.

During the Philippine Economic Briefing (PEB) at the Philippine International Convention Center (PICC) in Pasay City, Executive Secretary Salvador Medialdea praised the Duterte administration’s socioeconomic reform plan.

The PEB tackled the Duterte administration’s socioeconomic reforms over the last six years, including the government’s effort to accelerate economic recovery amid the coronavirus disease 2019 (Covid-19) pandemic, with the theme “Six Years of Institutionalizing Game-Changing Reforms and Shaping the New Economy.”

According to Medialdea, these reforms helped the Philippines achieve inclusive economic growth, which “cannot just be assessed by numbers, but can also be seen, touched, and felt by the Filipino people.”

In his speech, he added, “These reforms not only benefit our people today, but they also provide the groundwork for more robust and sustainable growth and broadly shared wealth in the future.”

He cited how Duterte announced a 10-point socioeconomic agenda even before taking office, which increased workers’ net take-home pay, lowered corporate taxes, rationalized the fiscal incentive system, increased the Philippines’ competitiveness, promoted financial inclusion and digitalization, and improved the country’s ease of doing business.

At a two-day meeting in Davao City in June 2016, the economic team presented Duterte’s socioeconomic program to the business community.

Medialdea expressed optimism that the country would gradually recover following a big pandemic-related slowdown in 2020 as a result of these policies.

“The pandemic has slowed the Philippines’ progress toward upper-middle-income status, but we are convinced that this is simply a temporary setback,” he said.

He promised that the Duterte government would continue to create a market-friendly policy environment that reflects the corporate, youth, and civil society sectors’ shared vision and goals.

“While there are still many challenges ahead, I am optimistic that we have built a better future for our economy and people.” The Duterte government will try to ensure a smooth transition and leave the office with better foundations for inclusive and sustainable economic growth,” he added.

Finance Secretary Carlos Dominguez updated the PEB on the country’s fiscal performance, while Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP) discussed the latest events in the country’s monetary, foreign, and financial sectors.

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