Drilon OK with sale of gov’t assets, to provide more funds for COVID-19 response & arrest growing budget deficit

Drilon OK with sale of gov’t assets, to provide more funds for COVID-19 response & arrest growing budget deficit

Minority floor leader and opposition senator Franklin Drilon has called out President Rodrigo Roa Duterte’s economic managers to think fast in their review of state assets that could be sold off immediately in order to generate funds for COVID-19 crisis arrest the ever growing budget deficit due to this global pandemic.

President Rodrigo Roa Duterte last week in his public address, said if there are no more funds left in the national coffers he is open to sell government assets to fund the government’s war chest against COVID-19.

“Let us turn this COVID-19 crisis into an opportunity to better utilize government assets. Better utilization of these state assets is long overdue as a national policy,” Drilon stressed.

Senator Franklin Drilon
(photo credit to owner)

“As I said before,the government does not have to look far to raise additional revenues. There are ‘low-hanging fruits’ the government can immediately tap to provide the much-needed resources for our country to survive this pandemic,” he said.

Drilon has identified the gaming industry that could be sold off to solve government’s problem regarding funding.

It may be recalled a few months back Department of Finance Secretary Sony Dominguez III said the privatization of the gaming industry that privatizing the gaming industry will yield around P300 billion in additional revenues yearly.

“We have an untapped ‘goldmine’ that can generate up to P300 billion in fresh revenues yearly. I hope our economic managers will move faster on this this time, because the effects of COVID-19 pandemic will go beyond 2020,” Drilon said.

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