Finance Secretary Ralph Recto believes that maintaining sufficient and stable prices of goods in the country is crucial for driving economic development. Strengthening the purchasing power of the public means positive financial growth.
With the attainment of a 5.6 percent gross domestic product (GDP) growth last year, Recto’s department is now focused on achieving medium to long-term goals, including efforts to further reduce inflation.
Recto identifies his “first order of business” as reducing emerging inflation (REIN) to strengthen the purchasing power of the public.
The Department of Finance (DOF) also targets a revenue collection of P4.3 trillion this year, aiming for fiscal sustainability and ensuring no hindrance to the targeted economic growth.
The government will leverage the confidence shown by multilateral organizations and credit rating agencies to attract more investments and jobs into the country, according to Recto.
The department will continue to advocate for fiscal reforms in collaboration with Congress to ensure the swift passage and implementation of necessary measures.
The focus will be on the execution of the 2024 budget to prevent underspending by government agencies and to achieve high-yielding infrastructure projects in collaboration with local governments.
This comprehensive approach is designed to propel the country towards economic stability and sustained growth.