DOF prepares fiscal recovery plan for next admin

The Department of Finance (DOF) said they are preparing a recovery plan for a smoother transition and aid the next administration to easily make fiscal decisions. “We are preparing the plan so that when we turn over to the next administration by June 30, 2022. There will be a good solid, what we call, a fiscal recovery plan,” Finance Secretary Carlos Dominguez III said in an interview over PTV-4 on Monday. Dominguez further added that the plan they are creating is for possible adoption by the next administration that includes tax hikes and the reduction of unnecessary spending. Furthermore, he said tax reforms have allowed the current administration to be fiscally healthy and provided it the ability to spend more freely on relevant pandemic-related expenses. Lastly, he said that because of the economy’s resilience, the Philippines’ credit ratings remain intact, at investment-grade levels, even amongst the adjustment on its credit rating outlook. 

 

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