Finance Secretary Carlos Dominguez III
MANILA – The Department of Finance (DOF) is preparing a recovery plan to help the next administration easily make fiscal decisions.
“We are preparing the plan so that when we turn over to the next administration by June 30, 2022. There will be a good solid, what we call, a fiscal recovery plan,” Finance Secretary Carlos Dominguez III said during an interview over PTV-4 on Monday.
Dominguez said the plan they are lining up for possible adoption by the next administration includes tax hikes and reduction of some unnecessary spending.
He said tax reforms have allowed the current administration to be fiscally healthy and provided it the capacity to spend on pandemic-related expenses.
He added that because of the economy’s resilience, its credit ratings remain intact, at investment grade levels, amid the adjustment on its credit rating outlook.
Earlier this month, Fitch Ratings affirmed its ‘BBB’ rating on the Philippines but changed the outlook from stable to negative because of the economic impact of the pandemic.
Dominguez dubbed the ratings outlook adjustment as “normal” because of the pandemic, adding that the credit ratings have remained the same. (PNA)
