By Dean Aubrey Caratiquet
Amid a period of uncertainty being experienced by the Philippines in the face of pressing national issues, Malacañang reassured Filipinos that the government is continuing to make inroads in keeping the country’s economy afloat.
This, as the value of the Philippine peso continues to weaken compared to the U.S. Dollar, with recent figures pegging the local currency at the P59.04-$1 as of Monday.
At a press briefing, Presidential Communications Office (PCO) Undersecretary and Palace Press Officer Claire Castro shared some highlights in the recent meeting of the Bangko Sentral ng Pilipinas’ (BSP) economic managers.
Castro said, citing information from BSP’s media release, “The BSP allows the exchange rate to be determined by market forces. We continue to maintain robust reserves.”
She added, “Inflation remains low, [continuing] to be within the target for the next 2 years. This will drive the domestic demand.”
The Palace mouthpiece went on to discuss some of the measures that the government’s economic team is undertaking to raise the valuation of the Philippine peso and keep the country’s bottomline in the black.
These are as follows:
- Temporary suspension of all field audits and related operations of the Bureau of Internal Revenue (BIR) in response to taxpayers’ concerns on letters of authority and mission orders
- Reduction of regulations and processes that hamper investments
- Generation of new initiatives and investment opportunities for the private sector
- Continuing pursuit against those responsible for the flood control anomalies, with more personalities expected behind bars by year-end
- Ongoing efforts to address infrastructure gaps
- Institutionalization of various investment reforms [Republic Act No. 11966 (Public-private Partnership Code, Republic Act No. 12066 (CREATE More Act), Republic Act No. 122253 (Enhanced Fiscal Regime for Large-Scale Metallic Mining Act), and Republic Act No. 12214 (Capital Markets Efficiency Promotion Act)]
- Continuing rebuilding and recovery efforts in communities affected by recent calamities
Castro concluded by citing such measures in support of the BBB+ credit score bestowed by the S&P Global Ratings to the Philippines, representing a strong vote of confidence by investors on President Ferdinand R. Marcos Jr.’s administrative policies.
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