Karl Kendrick Chua

KARL Kendrick Chua, the new Secretary-designate of the National Economic Development Authority may be young in the eyes of his critics but he has proven his mettle when he pushed for the Tax Reform for Acceleration and Inclusion Act. The TRAIN law was doubted by the opposition to bring reforms in Duterte’s tax agenda, however, Chua, who helped craft the tax reform measure, proved otherwise. The law exempts individual taxpayers with income not exceeding P250,000 but raised excise tax on sweetened beverages and fuel. This gave them extra money to spend.

When Sec. Ernesto Pernia abandoned ship amidst the rough seas that the Duterte government has to navigate, Chua’s immediate designation to head NEDA came as a surprise but apprehension settled quickly upon learning that he is, in fact, a no pushover. Pernia made a snide remark on Chua’s appointment saying “He must not just agree to everything”. Chua’s brief repartee was crisp and sharp. “I did not covet the position” and added, “my record will speak for itself”. That should silence Pernia for good and stop smarting. He had his time. But his time is when everything is normal and calm. He opted to leave at the height of the storm and it was good riddance.

But Secretary Chua has a gargantuan task ahead of him. It helps that he came from the working force of Finance Sec. Sonny Dominguez and in fact, as undersecretary, heads the economic team in the department. Not everybody knows Chua and Dominguez himself is not free from criticisms coming from kibitzers and doomsayers. However, no one can quarrel against success. As head of the economic cluster of the Duterte government, the Philippines wiggled out from getting stuck in the rut. At one time the country overtook China’s economic growth, it’s debt to GDP ratio allows it to avail of cheap money backed by a credit rating of BBB. How these were achieved can only be attributed to how strategies are mapped out in the war room of Dominguez along Manila Bay.

How will Karl Kendrick Chua reboot the Philippine economy? He asserts that the P8 trillion infrastructure program of the Duterte government will be an "important part" of the Philippines' recovery from the COVID-19 pandemic. And these comprehend of construction of new train systems, roads and airports generates jobs and has a multiplier effect.

That will be for a starter. Let us watch how these will be translated into actual implementation. In the meantime let’s stay in the comfort or discomfort of our homes. It is our first major contribution to economic recovery.