‘Stronger foundation of economic growth’

MANILA, Philippines — The Duterte administration is leaving behind stronger foundations for inclusive economic growth, Malacañang said yesterday, as it vowed to continue creating a market-friendly environment in its last few months in office.

Executive Secretary Salvador Medialdea said the administration has implemented “game changing reforms” in its relentless pursuit of economic growth that is “not only measured by statistics but can be seen, touched and felt by the Filipino people.”

He said reforms have benefited Filipinos and set the foundation for more resilient and sustainable growth and broadly shared prosperity.

“Through our joint efforts, we will continue to build a market friendly policy environment that reflects the shared vision and aspiration of the business, youth and civil society sector. While many challenges remain, I am confident that we have shaped a better future for our economy and our people,” Medialdea said during the Philippine Economic Briefing at the Philippine International Convention Center.

“The Duterte administration will continue to work towards smooth transition and leave public office with stronger foundations in place for inclusive sustainable economic growth,” he added.

Medialdea admitted that the COVID-19 pandemic has disrupted the Philippines’ path to upper middle-income status but expressed optimism that the disruption is only temporary.

He said the country was able to withstand the test to its fiscal stability largely due to the reforms implemented by the administration long before the health crisis.

The executive secretary cited President Duterte’s zero to 10-point socio-economic agenda that he said has increased the net take-home pay of workers, lowered the taxes of corporations, rationalized the fiscal incentives system, increased the Philippines’ competitiveness, promoted financial inclusion and digitalization and improved the ease of doing business in the country.

Medialdea also thanked the government’s partners in the business, youth, civil society groups, as well as the international community, which have consistently supported Duterte’s socio-economic reform agenda.

Rising prices

In a statement, acting presidential spokesman Martin Andanar said the administration remains focused on mitigating the impact of the rising prices of goods on ordinary people.

“Our economic managers continue to keep a tight watch over inflation as it hits four percent in March 2022. They attribute this upward trend in transport, gas, other fuels among others,” Andanar said.

“Having said this, we will not relax in our efforts and will work twice as hard to address the national issue of higher prices,” he added.

Finance Secretary Carlos Dominguez III said President Duterte’s “game-changing” reforms allowed him to “masterfully” steer the Philippine economy amid the pandemic.

He claimed that under Duterte, the Philippines “made the decisive shift from an inward-looking economy to one ready to compete with the rest of the world.”

“We have sailed through fine and rough weather. But President Duterte has proven to be a strong and steady captain of the ship. The waves may be high, but the ship of state has been masterfully steered,” Dominguez said during the Philippine Economic Briefing.