PH economic fundamentals remain in good standing amid pandemic
MANILA - Presidential Communications Operations Office (PCOO) Secretary Martin Andanar on Tuesday said that President Rodrigo Roa Duterte’s political will contributed to the massive accomplishments by the government in the past five years.
Under the Duterte administration, the national government paved the way for socio-economic reforms and developments which helped in alleviating poverty as well as sustaining economic growth.
These include the fiscal packages that allowed the economy to recover from the impacts of the COVID-19 pandemic, including the Bayanihan laws and the attainment of the 10-point socio-economic agenda of the administration.
Secretary Andanar emphasized that these initiatives were the reason why the Philippines continues to have high credit ratings from international institutions.
“Daghan gyud kaayo desisyon si Presidente nga althoug dili lugar madawat sa uban pero kung mao ni ang kaayuhan para sa publiko, mao ni ang atong buhaton [President Duterte has decisions that were not favorable to some but he did it anyway because that is the political will that looks after the welfare of the public. That’s what we have to do],” he said.
“Mao nang nahitabo nga duna tay BBB+ credit rating nga nagpasabaot nga mas dali makautang ang Pilipinas ug mas ubos ang interest rates. Tungod na sa very good financial fundamentals sa Pilipinas [That’s the reason why we have a BBB+ credit rating, which puts the Philippines in a position to get a loan at lesser interest rates],” he added.
One landmark legislation was the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the second package of the Comprehensive Tax Reform Program that reduces corporate income tax rates. This is the biggest stimulus for the business in the country.
Under the new policy, the Philippine government is providing about P1 trillion worth of tax relief to businesses over the next 10 years.
The CREATE Act also enables the government to provide competitive and well-targeted incentives to investors in priority industries and locations, thereby making it more attractive for foreign investors and creating more jobs for the Filipino people. ###
