DOF to sustain fiscal resources against pandemic

Published April 20, 2021, 7:00 AM

by Chino S. Leyco

The Duterte administration’s chief economic manager has underscored the firm resolve of the Department of Finance (DOF) to keep the country’s strong fiscal position and ensure ample financial resources in the protracted battle against the coronavirus pandemic.

Speaking on the occasion of the DOF’s 124th anniversary on Monday, April 19, Finance Secretary Carlos G. Dominguez III thanked the men and women of the department for doing their part in the “extremely difficult” task of getting congressional approval for the needed legislative measures.

In particular, Dominguez said the enactment of key measures under the Comprehensive Tax Reform Program (CTRP) have helped “accelerate poverty reduction and attain the President’s promise of genuine change.”

 “It is through your hard work and dedication that made our success in passing the tax reform packages possible,” Dominguez said during the DOF’s virtual anniversary celebration held via Zoom. 

Dominguez, however, said their work is not yet over, noting that the most difficult part of any reform is implementation. 
“I urge all of you to work hard to ensure that the laws we have shepherded are fully implemented and irreversible. In addition, we must continue to push for the passage of the remaining tax reform packages,” he said. 

Dominguez said that with the DOF’s bigger task of putting in place the necessary measures to help the nation recover from the pandemic, he expects “continuous innovation and excellence from this agency.”

The finance chief is confident that the DFO will accomplish the goals it has set out, saying “we started strong. We will end stronger than ever.”

“Our associates at the DOF, from the highly technical teams to those who provide indispensable support, demonstrated admirable grit and dedication during the past months of great challenge. You have all earned my gratitude and my faith,” Dominguez told his fellow DOF workers. 

Dominguez cited a few of the DOF’s notable accomplishments last year, such as the crafting fiscally responsible economic stimulus packages; the Small Business Wage Subsidy (SBWS) program; and the additional capital in government financial institutions (GFIs).

The DOF also raised revenues for the national effort to defeat the pandemic, seek international funding to reinforce the healthcare system, purchase the needed medical equipment and vaccines, as well as fund the government’s economic recovery program, Dominguez said. 

 “The essential role we played benefited from the fiscal discipline we maintained and the reform measures we won over the last five years of this administration,” Dominguez said.