A few weeks before the SONA of President Duterte, economic managers of the current administration claim that the Philippine economy is gradually recovering amid the easing off of lockdown.
The measures taken early on in addressing the pandemic, particularly the implementation of the lockdown, has prevented the spread of COVID-19 to more than three million individuals and further job losses.
Finance Secretary Carlos Dominguez III reports that the DBM has released Php 375 billion to address the health emergency. More than one million displaced workers have received financial assistance from the Department of Labor and Employment (DOLE). Some infrastructure projects are ongoing, while some programs in health, education, and housing are set to be rolled out to open more jobs.
The Department of Finance (DOF) is currently waiting the signing into law of the CREATE Bill that aims to cut by five percent the corporate income taxes which would attract foreign corporations to invest in the country.
Meanwhile, BSP Governor Benjamin Diokno says the Philippines is one of the countries in Southeast Asia with the lowest debt to Gross Domestic Product (GDP) ratio amid increased borrowings to fund COVID-19 measures. The economic managers also disclose that the Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC), which are main revenue-generating agencies of the government, are recovering in their collection. – Report from Naomi Tiburcio
