By Myris Lee
The incoming administration of president-elect Ferdinand Marcos Jr. is set to inherit debts from borrowings to address the COVID-19 pandemic, but the Duterte Administration assured that it still considers cutting the country’s debt as one of its priorities.
According to acting Presidential Spokesperson Martin Andanar, the outgoing economic team of the administration “has proposed a fiscal consolidation and resource mobilization plan, containing fair, efficient, and corrective tax measures.”
“These include the expansion of value-added tax base by removing ineffective VAT exemptions except for some sectors, among others, to generate revenues,” he said.
“These are, however, subject to the consideration of the next Administration,” he added
The country’s outstanding debt reached P12.76 trillion as of end-April. – ag
