PH fiscally secure; Poverty rate likely to drop to 14% in 2022 » Manila Bulletin News



By Argyll Cyrus Geducos

Finance Secretary Carlos Dominguez III said that the Philippines is fiscally secure and on track to meet its economic targets.

“Even at this early stage in our reform effort, you can distinctly hear the tiger roar. We are on the path towards a modern investment-led and trade-driven economy,” he said during the regular Palace press briefing in Malacañang Thursday morning.

Finance Secretary Carlos Dominguez III

He also said that with the rate things are going, it is not impossible for the current poverty rate of 21.6 percent to drop to 14 percent in 2022.

“We are bringing all the powers, the modern information technology to make electronic governance real and ensure a sustainable fiscal position,” he said.

According to Dominguez, from July, 2016 to May, 2017, the government has collected about P2.09 trillion in revenues.

That is seven percent higher compared to the same period the previous year.

He also said that the gross domestic product (GDP) has increased by 6.68 percent during the first three quarters of the administration, faster than the past five administrations.

“We expect to grow close to the target of seven percent throughout the year,” he said.

Dominguez also said that during the first nine months of the Duterte administration, rates of Treasury Bills or T-Bills has averaged two percent, the lowest of all previous administrations despite the start of rate normalization in the U.S.

“Reflecting this, the average inflation rates for the first 11 months of the administration stood at 2.64 percent, again this is the lowest registered of all previous administrations,” he said.

“The national government debt to GDP declined from 43 percent as of the end of June 2016 to 41.9 percent by the end of March 2017,” he reported, adding that the reduced debt will allow the country enough flexibility to pump prime the economy.

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