Dominguez lays down five top economic priorities

July 1, 2019

Finance Secretary Carlos Dominguez III said in a pre-SONA (State of the Nation Address) on Monday the economic team has five major priorities under the next three years of the Duterte administration. 

Dominguez said the top priority is the fast-tracking of the "Build, Build, Build" infrastructure program. 

"We have for the first time in history exceeded five percent of the GDP in spending of infrastructure and we are on track in achieving seven percent of GDP ( gross domestic product) in three years time. This is consistent with achieving eight percent GDP growth," he said. 

Public Works Secretary Mark Villar presented major accomplishments in the infrastructure progra,m including the developments in airports, railways, seaports, and inter-island connector roads. 

Next is pursuing the remaining tax reforms which will ensure sustainable financing for infrastructure and human capital development expenditures. 

Among pending packages in the tax reform program are the second package of corporate income tax and incentives reform; package three on property evaluation; remaining package on alcohol excise tax; and package 1B's motor vehicle use and charge, lifting of bank secrecy, and automatic exchange of information. 

Dominguez said the confidence level for passing these remaining tax reform projects is "very high" despite the delay in enactment of the 2019 national budget.

Dominguez said a possible reason is most new members of 18th Congress previously showed support for tax reform. 

"In this election all those who supported the tax reform won. The story here is that people see that the tax, whatever tax increases, is being spent for their benefit. It is going to be a plus for the legislators who supported it," he added. 

Other priorities mentioned by Dominguez were the pursuit of economic reforms which in return may increase foreign direct investments and jobs; improvement in the implementation of existing reforms including the National ID System, universal health care, and rice tarrification law; and improvement in productivity of the agriculture sector. 

"All of these will help us ensure further GDP growth, lower poverty, and more opportunity to Filipinos," Dominguez said.

"These will also complete the president's promise in the zero to ten point socioeconomic agenda," he added. Cristina Eloisa Baclig/DMS