IN a bid to support the call to assist low- and middle-income countries in containing their financial stability risks and achieving inclusive growth, finance undersecretary Antonette Tionko disclosed that government aims to adopt an agenda to improve the healthcare and transport capabilities in easing local and international movement restrictions in the global value chains.
“Rebuilding a stronger global economy amidst present and future external shocks will be arduous. It is imperative to strengthen international cooperation and endeavor to build a healthier and more sustainable world for future generations,” Tionko pointed out in a statement on the country’s financial situation.
The finance official likewise added that the country will now be focusing on digital transformation and the resumption of face-to-face learning amidst the ongoing coronavirus pandemic.
She stressed that that efficient and sound fiscal policies should continue to be the government’s primary tools in ensuring that development projects for social and economic amelioration are pursued and accelerated.
She also mentioned that the country will continue to pursue its comprehensive tax reform program (CTRP) designed to make its tax system simpler, fairer and more efficient.
“This provides tax relief to individuals, micro, small and medium enterprises, and corporations. It broadens the tax base, promotes financial inclusion, and increases excise taxes on the consumption of ‘sin’ or harmful products,” she cited.
In ending, Tionko highlighted that the pandemic has highlighted the importance of international cooperation in ensuring that we leave no one behind.
“The Philippines is grateful for the technical and financial assistance from our development partners in providing budgetary support and vaccine mobilization for our Covid-19 response,” she concluded.
