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Philippines fully prepared to address headwinds, sustain robust economy: Diokno

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Jessica Fenol, ABS-CBN News

<p>MANILA — The Philippines is &quot;fully prepared&quot; to address looming challenges while committing to sustain the country&#x27;s robust economic recovery, Finance Secretary Benjamin Diokno said Tuesday.</p><p>The goals presented by President Ferdinand Bongbong Marcos Jr&#x27;s during his first State of the Nation Address (SONA) included the reduction of the poverty incidence to single-digit or 9 percent by 2028.</p><p>Debt-to-GDP ratio, which is currently at 63.5 percent, is also expected to be reduced to below 60 percent by 2025, Diokno said during the first post-SONA economic briefing, echoing Marcos&#x27; directive.</p><p>Diokno, who also chairs the government&#x27;s economic cluster, said this is possible since the country does not have to borrow as much compared to during the peak of the COVID-19 pandemic.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/13/22/ph-debt-to-gdp-ratio-balloons-to-635-pct-in-march">Philippines&#x27; debt-to-GDP ratio balloons to 63.5 percent as of end March</a></li>	<li><a href="https://news.abs-cbn.com/business/06/02/22/ph-sovereign-debt-hits-p1276-trillion-in-april">Philippines&#x27; sovereign debt hits P12.76 trillion in April</a></li></ul><p>The government is also committed to address rising prices as inflation accelerated to 6.1 percent due to rising oil and food prices. Mitigating the scarring from the COVID-19 pandemic is also among the priorities, Diokno said. </p><p>The administration will implement a medium-term fiscal framework with a comprehensive 8-point economic agenda which would help the government &quot;to decisively respond to these risks and stir the economy back to its high growth trajectory,&quot; Diokno said. </p><p>&quot;While challenges persist, these are not insurmountable... The Philippines is fully prepared to address the challenges ahead,&quot; he said.</p><p>Marcos also said the administration would propose a to guide fiscal policy and government spending. </p><p>To boost the economy, Diokno said the role of the private sector would be expanded. Both Marcos and Socioeconomic Planning Secretary Arsenio Balisacan have pushed for the reinvigoration of <a href="https://news.abs-cbn.com/business/05/27/22/next-neda-chief-eyes-reinvigorating-ppps-manufacturing">public-private partnerships</a>.</p><p>&quot;We are making a bid for lasting change and we can only do this if we work in unity,&quot; Diokno said. </p><p>The Philippine economy is expected to grow by 6.5 to 7.5 percent in 2022 and 6.5 percent to 8 percent from 2023 to 2028 or &quot;among the highest&quot; in the ASEAN+3 region, Diokno said. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/25/22/marcos-eyes-digital-tax-further-hikes-in-budget-in-sona">Marcos eyes digital tax, hiking budget to over P7 trillion as he bares medium-term plan</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2141437" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The Philippines is fully prepared to address looming challenges while sustaining robust economic recovery, Finance Secretary Benjamin Diokno said. 

Philippines fully prepared to address headwinds, sustain robust economy: Diokno

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Philippines fully prepared to address headwinds, sustain robust economy: Diokno

Jessica Fenol,

ABS-CBN News

Published Jul 26, 2022 10:30 AM PHT

|

Updated Jul 26, 2022 11:14 AM PHT

Read More:

Benjamin Diokno

Philippine economy

debt

economic agenda

Bongbong Marcos

SONA 2022

economy

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