What’s in store for the economy in the new year?
This: High growth, despite the “political noise” in the first six months of the Duterte administration, according to Finance Secretary Carlos Dominguez.
High growth would be the result of three factors.
One, the Duterte administration will soon implement a comprehensive tax reform program to raise the funds to support infrastructure, human capital development and social protection for the most vulnerable sectors.
Two, there will be no letup in government’s increased spending on urban and rural infrastructure as a growth driver to guarantee sustained high and inclusive growth.
And three, the Duterte administration will remain focused on other urgent measures, such as fully implementing the Reproductive Health Law, modernizing agriculture to bring down food prices while increasing farmers’ incomes, and leveling the playing field for micro, small and medium scale enterprises.
All this would sustain the economic momentum and at the same time spread the benefits of growth to all sectors across all regions with more jobs and better living standards.
Enough reasons, we think, for us to be optimistic that things will be much better in 2017.