Malacañang heaps praises on economic team, revenue agencies for improved fiscal position

Published August 15, 2019, 7:54 PM

by Ellalyn De Vera & Richa Noriega

By Genalyn Kabiling

Malacañang has praised the economic team and revenue-generating agencies for “a job a well done” after the country’s strong fiscal performance in the first semester.

Presidential Spokesman Salvador Panelo (OPS / MANILA BULLETIN)
Presidential Spokesman Salvador Panelo

The government also expressed gratitude to the public for their “sacrifices” amid the government’s implementation of the tax reform package, according to Presidential Spokesman Salvador Panelo.

“The Palace commends the members of the economic team, led by Finance Secretary Carlos Dominguez, for the strong fiscal performance we displayed in the first semester of 2019,” Panelo said.

He said government revenues increased by 9.7 percent during the period while tax revenues grew by 10.1 percent.

“The Office of the President expresses its kudos to the revenue-generating agencies for a job well done with the collections of the Bureau of Internal Revenue rising by 10.6% and the Bureau of Customs by 8.5%,” he added.

He assured the public that the government would continue to spur economic growth and ensure the proper disbursement of public funds.

“We recognize and thank our people for their sacrifices as we continue to implement the second phase of TRAIN (Tax Reform for Acceleration and Inclusion) 1 and other tax measures,” he said.

“They can rest assured that we will reinvigorate the domestic economy for the succeeding semester with our adoption of a catch-up program after a 4 and ½ month delay in the approval of the General Appropriations Act by Congress and an election ban on public construction activities,” he said.

He said the government would use public funds to enhance social services, infrastructure development, among others.

“Filipino taxpayers can expect that we will utilize their hard-earned money with wide and far-reaching social amelioration programs in education, health, and other basic needs, as well as enhanced investments in local infrastructure that will boost the nation’s domestic growth,” he said.

President Duterte and the Cabinet recently approved the proposed P4.1-trillion national budget for 2020 that aims to respond to the needs of the Filipino people. The bulk of the proposed national budget will go to programs on education, public works, transpiration, and healthcare.

“We assure everyone that our people’s money, with education receiving the biggest slice of the budget, followed by public works, transportation, and health, will be spent wisely to reach a state of a vibrant economy that will be felt by the citizenry,” Panelo said.

The proposed 2020 national budget will be higher than the 2019 General Appropriations Act (GAA) of P3.7 trillion. The Department of Budget and Management earlier committed to submit the proposed budget within the month.