PH has enough tools to sustain growth — DoF

Credit to Author: The Manila Times| Date: Tue, 03 Mar 2020 07:00:10 +0000

THE Department of Finance is optimistic on the sustained Philippine economic expansion this year amid domestic and global headwinds, saying the government has enough tools to propel rapid and inclusive growth.

In a speech at The Manila Times’ 11th Business Forum: “The Philippine Economic Outlook 2020” held in Makati City on Tuesday, Finance Undersecretary Antonette Tionko said the country started the year 2020 with “few major challenges” such as the African Swine Fever and the outbreak of coronavirus disease 2019 (Covid-19).

“Although these developments may affect our economic growth somewhat, we believe that this will not be enough to cause a dramatic reduction in the growth,” she, nevertheless, said.

The government had said that it was aiming to post from 6.5 to 7.5 percent economic growth this year, better than the 5.9 percent expansion recorded in 2019.

“So, we have the tools to propel the economy to greater heights, and we have proven that we can deliver,” Tionko added.

She noted that these tools include the national budget, revenue-generating measures and tax administration reforms implemented by the Bureau of Internal Revenue and the Bures of Customs.

“We remain committed to drive this economy forward to improve the quality of life of all Filipinos,” she said. MAYVELIN CARABALLO