PH economy ‘well-prepared’ for Covid-19:DOF Sec. Dominguez

PH economy ‘well-prepared’ for Covid-19:DOF Sec. Dominguez

Department of Finance Secretary Sonny Dominguez was very frank that Filipinos should be grateful to President Rodrigo Roa Duterte for insisting on a “conservative” economic policy during the first four years of his six-year term.

“Mr. President, you have created an economy that can stand a hard-hit and I think the Filipino people should thank you for your very conservative economic policies,” said Dominguez 

The Secretary of Finance explains that the Duterte administration’s policies in tax collections, curb spending, borrow less and keep prices of basic goods and services low have proved has been a godsend in this time when the Philippines was faced with one of the worst pandemics in history.

(photo credit to owner)

“Noong pumasok kayo noong 2016, ang order niyo ho sa amin is to manage the economy for the welfare of the Filipino people. Ang ibig sabihin nun, lahat ng collection natin ng taxes should be collected efficiently at lahat ng gastos natin should be very conservative and really huwag tayo mag-waldas ng pera. So ang resulta ho noon ay maganda ‘yung position ng economy natin so kaya even though we have a bad — a bad luck to have this COVID-19, we are very well-prepared,” explains Dominguez.

“Ang growth ho natin from 2016 ay average 6.4 percent. ‘Yung collection natin ng income ng government ay — is the highest in 22 years as a percentage of our growth. Ang utang ho natin is — has gone down to the lowest it has been in terms of percentage to GDP (gross domestic product) and it’s only now 41.5 percent. Dati ho 70 percent of GDP ‘yan. Ang inflation ho natin bumaba na. So it’s — last month it was two and a half percent and it is within our target of two to four percent,” he added.

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