Economic Reforms Seen to Jump-Start PH Economy

The Philippine Government eyes Socioeconomic reforms to boost the economic recovery brought by the COVID-19 pandemic as millions of Filipino people lost their jobs and thousands of businesses closed brought upon by the pandemic.

The implementation of economic reforms aims to help those affected to slowly get back on their feet.

Finance secretary Carlos Dominguez III said that the pandemic really brought the economy down but it is also an opportunity to support various business sectors especially the micro, small and medium enterprises (MSMEs).

The “Bayanihan to Recover as One” Act, or Bayanihan 2, expands the support to MSMEs and agricultural sector and also to ramp up the spending for the “Build, Build, Build” program.

Aside from those mentioned, the enactment of the Corporate Recovery and Tax Incentives for Enterprises bill, 2021 budget, and Financial Institutions Strategic Transfer (FIST) bill is also part of many strategic points to accelerate the economy. With all those combined and implemented according to plan, the government is confident that 2021 will be a bounce back for the economy.

“These reforms in the fiscal incentives system are crucial for us to be able to compete for high-value investments, which are what we want to attract,” said Dominguez. (MLC)