Budget and Management Secretary Benjamin Diokno stressed the government’s commitment to ensure sustained growth of the Philippine economy through the various reforms and new initiatives on infrastructure investments, among others.
“Rest assured that the Department of Budget and Management remains steadfast in its commitment to promote rapid and equitable growth in line with the Duterte Administration’s development objectives,” he said in a statement.
A team from the International Monetary Fund is currently in the country for the Article IV Mission.
IMF Mission chief Luis E. Breuer, in a briefing Tuesday, said the multilateral agency remained optimistic on the medium term expansion of the domestic economy, with growth projected at 6.8 percent.
The lender forecasts a 6.6 percent output for the Philippines this 2017, lower than the government’s seven to eight percent target from 2018 to 2022.
It cited the importance of the proposed tax reforms, saying this will ensure needed funds for the various infrastructure and social spending.
“Passage of the budget reform and rightsizing bill will also help further improve spending efficiency and quality, helping to achieve the inclusive growth agenda,” the IMF said in a statement.
Diokno said IMF”s recognition of the importance of these reforms was greatly appreciated.
He said these programs “will improve the functioning of the public sector and boost the Philippine economy’s growth trajectory.”
The Secretary of the Department of Budget and Management said the proposed rightsizing bill “aims to enhance government’s capacity and streamline the functions of the bureaucracy for more efficient public service delivery.”
On the other hand, proposed reforms on the budget “will institutionalize the reforms that have been made so far in the budget process while mandating the disciplined execution of the National Budget with the shift to a one-year cash budgeting.”