LAWMAKERS should collaborate with the Finance department to promptly enact needed fiscal reforms, newly appointed Finance Secretary Ralph Recto said on Thursday.
Speaking at a briefing on the country's economic outlook, Recto noted that identified measures would not "come to fruition" without Congress' help. Finance Secretary Ralph Recto. Photo from Department of Finance FB pageThe briefing aimed to provide legislators' senior staff with an understanding of the department's priority list "with the end view of better understanding the broader financial and budgetary implications tied to these proposed bills," Recto said."We believe that informed discussions and open dialogue are key to a more collaborative and effective legislation process, ultimately serving the best interests of our country," he added.Recto emphasized the need to tackle inflation, increase revenue and fund economic development and people's needs."Fiscal sustainability can only be achieved if we install a system that guarantees fairer and more efficient tax administration," he added.Bills that need to be passed include Package 3 of the Comprehensive Tax Reform Program or the Real Property Valuation Reform bill, taxation of digital service providers; rationalization of the fiscal regime for mining; the Single-Use Plastic Bags Tax Act; and the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy or Create More bill."These reforms will not only finance development but will reduce the deficit and our dependence on debt," Recto said.The Finance chief said the measures were currently being enhanced and added that he planned to visit the Senate soon to engage in discussions with senators."Soon, we will develop a Philippine Medium-Term Debt Management Strategy to ensure transparency of public borrowings," he also said."This is the debt meter that will guide us on how to secure a future of fiscal stability."The national government's outstanding debt hit record-after-record highs due to continued borrowings, hitting P14.51 trillion at the end of November last year based on latest official data. Read The Rest at :
