Economy resilient despite problems, says Dominguez

MANILA, Philippines — The economy can be expected to remain resilient despite  the renewed surge in the number of COVID-19 infections, Finance Secretary Carlos Dominguez said yesterday.

Addressing the 2nd Philippines-Singapore Business and Investment Summit, Dominguez said the country is now more prepared to handle the surge in infections because of improvements made in the health system and more experiences  gained by health workers amid the crisis.

He said that the country is also now rolling out its national vaccination program amid the continued imposition of strict public health protocols.

“Despite lingering problems in fully suppressing infections, the mood is now more hopeful,” Dominguez told businessmen.

“The Philippine economy continues to demonstrate strength and resilience in adverse conditions. The economic downturn we experienced last year was due to the public health emergency rather than a serious weakness in our economic fundamentals, ” he said.

On the financing side, he said the country could easily fulfill the funding needs to restart the economy through increased domestic borrowing and good access to external commercial borrowings and official development assistance.

The relaxation of reserve requirements by the central bank also boosts liquidity in the financial system.

With the full digitalization of the functions of the Bureau of Internal Revenue (BIR) and that of the Bureau of Customs (BOC) underway, the adjusted revenue collections of $58.07  billion for 2021 and $66.78 billion for 2022 can be met.

The Finance chief  also said  the government is working to pass the remaining packages of the government’s tax reform program as well as other laws that would open up the Philippine economy further to foreign investments.

“I hope that our strong fundamentals, fiscal stamina, pro-business environment, and effective governance will continue to make us a promising investment destination,” said Dominguez.