President Duterte’s economic team wants the succeeding Marcos Jr. administration to prioritize infrastructure development, to be partly funded by another round of tax reforms, under the proposed fiscal consolidation and resource mobilization plan. Read:
The Duterte administration’s “Build, Build, Build” pipeline included 119 big-ticket items or infrastructure flagship projects worth a total of P4.7 trillion, of which more than half in value and number of projects will be financed by official development assistance loans and grants.
The EDC noted that the Duterte administration’s comprehensive tax reform program added P575.8 billion in incremental revenues to government coffers, and helped fund the “Build, Build, Build” projects rolled out by the national budget. The fiscal consolidation plan to be turned over by the Department of Finance to the economic team of presumptive president Ferdinand Marcos Jr. will also contain a second round of the comprehensive tax reform program.In all, fiscal consolidation would entail higher or new taxes, reduction in nonpriority budget items, and economic growth drivers to repay the record-high public debts that accumulated amid the prolonged pandemic.
Economists were worried that fiscal consolidation to bring down debt levels below the 60-percent threshold deemed manageable among emerging markets like the Philippines may impact on productive spending, especially infrastructure development. The debt-to-GDP ratio climbed to 63.5 percent at the end of the first quarter.
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