A former agriculture secretary and close friend of presumptive president Rodrigo Duterte on Thursday (May 12) disclosed the 8-point economic agenda of the incoming administration.
In a press briefing in Davao City, Carlos Dominguez, who is being eyed as the Finance secretary in Duterte’s Cabinet, said the economic agenda is wide-ranging – from tax reforms to accelerating infrastructure building to support services for farmers and attracting foreign investments by reducing crime.
He said that while the target economic growth rate is still to be set, the economic agenda is aimed at boosting growth through the following:
1. Continue and maintain the current macroeconomic policies. Reforms in tax revenue collection efforts will be complemented by reforms within the bureaucracy of tax collecting agencies.
2. Accelerate spending on infrastructure by addressing major bottlenecks, and maintain the target of setting aside 5% of the country’s gross domestic product (GDP) to infrastructure spending.
3. Ensure attractiveness of the Philippines to foreign investors, and enhancing competitiveness in doing business in the country. This also means reducing crime to attract investors, and increase security of businessmen and consumers.
4. Provide support services to small farmers to increase productivity and improve market access. Provide irrigation and better support services to farmers. Promote tourism in the rural areas.
5. Address bottlenecks in our land administration and management system.
6. Strengthen basic education system, and provide scholarships for tertiary education, which are relevant to private employers’ needs.
7. Improve tax system by indexing tax collection to inflation rate, “to enable those who earn a little to have more in their pockets.”
8. Expand and improve implementation of the conditional cash transfer (CCT) program.
Dominguez said most items on their agenda include the elimination of corruption — in accordance with Duterte’s election campaign promise.
Duterte’s administration will be “vigorous” in prosecuting people who engage in corrupt practices, he said.
Source: CNN Philippines