GALVANIZED into action as head of the economic team of President Ferdinand ‘Bongbong’ Marcos Jr., newly appointed Finance Secretary Benjamin Diokno has expressed confidence that government revenues will continue to pick up and the country’s financial deficit will steadily decrease in the near term.
In a statement, the former Bangko Sentral ng Pilipinas governor announced that the new Marcos administration now aims to cut the debt-to-gross domestic product (GDP) ratio from the current 63.5 percent as of the first quarter of the current year to 60 percent by 2025.
Diokno revealed that it is the expressed desire of President Marcos Jr. for all industries to perform well through boosting agriculture, reviving mining and increasing infrastructure spending.
“The President wants the agriculture sector to catch up to reduce the country’s reliance on imports,” he pointed out though adding that despite this goal, government will continue importation in the meantime until domestic production increases.
In addition to this, the finance chief also looks at the mining industry as a growth sector, especially with the current uptrend in metals prices, which could significantly help speeds upward economic recovery that has been impacted greatly by the coronavirus pandemic and skyrocketing global oil prices triggered by the ongoing war in Ukraine.
“The government also plans to continue spending for key infrastructure projects. On the Build, Build, Build Program, we are committed to spend some five to six percent of GDP for infrastructure annually between 2023 to 2028,” Diokno ended in conclusion.
