Marcos, aides discuss post-COVID economic recovery

Katrina Domingo, ABS-CBN News

<p>MANILA - President-elect Ferdinand Marcos Jr. on Monday met with his economic team to outline the incoming administration&#x27;s priorities on how to help the Philippine economy recuperate from the COVID-19 pandemic.</p><p>Marcos&#x27; Cabinet secretaries who were present in the meeting included the following, his office said. </p><ul>	<li>incoming Executive Secretary Vic Rodriguez</li>	<li>incoming Finance Secretary Benjamin Diokno</li>	<li>incoming Budget Secretary Amenah Pangandaman</li>	<li>incoming Socioeconomic Secretary Arsenio Balisacan</li>	<li>incoming Labor Secretary Bienvenido Laguesma</li>	<li>incoming Public Works Secretary Manuel Bonoan</li>	<li>incoming Trade Secretary Alfredo Pascual </li></ul><p>&quot;During the meeting, Marcos outlined his priorities and issued his marching orders that were mostly designed to tow the economy out of the woods after being severely battered by the still lingering Covid-19 pandemic,&quot; the President-elect&#x27;s camp said in a statement.</p><p>His team has yet to give more details about the priorities that were discussed. </p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">President-elect <a href="https://twitter.com/bongbongmarcos?ref_src=twsrc%5Etfw">@bongbongmarcos</a> holds a meeting with his economic team in his headquarters in Mandaluyong, where he outlined his priorities and issued marching orders “to tow the economy out of the woods” after the <a href="https://twitter.com/hashtag/COVID19?src=hash&amp;ref_src=twsrc%5Etfw">#COVID19</a> pandemic<br/><br/>📷Marcos Jr&#x27;s office | via <a href="https://twitter.com/_katrinadomingo?ref_src=twsrc%5Etfw">@_katrinadomingo</a> <a href="https://t.co/jpDaJXLo5V">pic.twitter.com/jpDaJXLo5V</a></p>— ABS-CBN News (@ABSCBNNews) <a href="https://twitter.com/ABSCBNNews/status/1533744159903068160?ref_src=twsrc%5Etfw">June 6, 2022</a></blockquote><div><script async="" src="https://platform.twitter.com/widgets.js" charSet="utf-8" type="text/javascript"></script></div><p>Marcos on Thursday said the Philippines should have an economic recovery plan that would guide the country&#x27;s fiscal policies, including its debt repayment strategy.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/26/22/marcos-wants-econ-recovery-plan-to-guide-taxes-debt-payments">&#x27;Economic recovery plan&#x27; needed to guide fiscal policy, debt repayment: Marcos Jr</a></li></ul><p>He issued the statement a day after the finance department proposed imposing new taxes and deferring income tax reductions. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/26/22/proposed-new-taxes-up-to-marcos-malacaang">Palace says up to Marcos to decide on proposed new taxes to pay debt</a></li></ul><p>&quot;We need to have an economic recovery plan and the fiscal policy will follow that,&quot; he said in an earlier press conference.</p><p>&quot;Whatever changes in fiscal policy were going to undertake, we have to think it through properly...We have to be circumspect in sudden changes,&quot; he said.</p><p>Marcos is set to take over a country whose sovereign debt hit a record <a href="https://news.abs-cbn.com/business/05/12/22/marcos-urged-to-bare-econ-plans-to-allay-investor-fears">P12.76 trillion</a> in April. </p><p>The debt-to-GDP ratio meanwhile has risen to 63.5 percent, which is higher than the internationally prescribed best practice of 60 percent. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/amp/business/06/06/22/debt-couldve-been-higher-if-not-for-fiscal-discipline-dof">Debt could&#x27;ve been higher if not for fiscal discipline: DOF</a></li>	<li><a href="https://news.abs-cbn.com/business/06/06/22/digitalization-to-improve-tax-collection-raise-revenues-diokno ">Digitalization to improve tax collection, raise revenues: Diokno</a></li></ul><p>Marcos earlier said he was not in favor of sudden tax movements.</p><p>&quot;Hindi lang kuha tayo sa sin tax, kuha tayo sa oil, kuha tayo sa housing, kuha sa cooperative,&quot; he said.</p><p>&quot;Kailangan talaga may plano tayo. Gagawin natin ang plano natin and the fiscal policy is going to follow that,&quot; he added.</p><p>(We shouldn&#x27;t just get from the sin tax, oil, housing, the cooperative. We should have a plan. We will come up with our plan.) </p><p>Outgoing Socioeconomic Planning Secretary Karl Chua earlier urged the incoming government to bare its economic plans to allay worries from the business sector.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/12/22/marcos-urged-to-bare-econ-plans-to-allay-investor-fears">Marcos should bare economic plans to allay investor concerns: Chua</a></li></ul><div><strong>RELATED VIDEO: </strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/rctvnq2uaVI?enablejsapi=1" width="560"></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>

President-elect Ferdinand Marcos Jr. met with his economic team to discuss how to help the economy recuperate from the COVID-19 pandemic.

Marcos, aides discuss post-COVID economic recovery | ABS-CBN

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Marcos, aides discuss post-COVID economic recovery

Marcos, aides discuss post-COVID economic recovery

Katrina Domingo,

ABS-CBN News

Published Jun 06, 2022 06:47 PM PHT

|

Updated Jun 07, 2022 01:56 AM PHT

Read More:

Bongbong Marcos

COVID-19 pandemic

Philippine Economy

COVID19

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