Finance Secretary Carlos Dominguez III said Tuesday a fiscal consolidation plan for the next administration is nearing completion that underscores the need to outgrow the pandemic-induced debt by ensuring that job-generating infrastructure investments far outweigh state spending on operational expenses.
Dominguez said in a presentation during the Financial Executives Institute of the Philippines’ general membership meeting that whoever succeeds President Rodrigo Duterte would find the plan “useful in continuing the dynamic recovery of the domestic economy over the next few years.”
“We commit to a seamless transition and stand ready to assist the next administration as it takes over the reins of leadership. The fiscal consolidation plan is just one of the many measures that have to be undertaken by the next administration,” he said.Dominguez said the first on the list that should be addressed by the next presidency is outgrowing the country’s debt at the soonest possible time to reduce its share in relation to the gross domestic product, the ratio of which spiked to 60.5 percent in 2021 from a historic low of 39.6 percent in 2019. Julito G. Rada
