Government debt, higher consumer prices, inequalities, and climate change are the four primary concerns the next administration will need to address, President Duterte’s chief economic manager said.

In a statement, Finance Secretary Carlos G. Dominguez III warned that these four issues, when left unchecked by their successors, would affect the Philippines’ economic stability beyond 2022.

For instance, in managing the increasing government debt, Dominguez suggested that the next administration should work on ensuring that the country’s economy will grow by above six percent per year.

Dominguez also raised the need to address the rising inflation, which is mainly driven by global shortages, as well as the pandemic-induced inequalities in the country.

Climate change was also identified by Dominguez as another problem that awaits the next government leaders.

But as early as now, the government’s chief economic manager assured that the Duterte administration will be ready to assist the new presidency during the transition period next year.

“The Duterte administration will also ensure that the next presidency will be ably assisted during the transition period in addressing four key issues that will impact the Philippines’ economic stability,” Dominguez said.

The Philippines has gone through a difficult episode amid the pandemic, Dominguez said. However, he pointed out that the country is also poised for a strong recovery towards a more inclusive economy.

The remaining period of President Duterte’s term will be focused on rapidly modernizing governance; accelerating the rollout of the infrastructure program; and continuing with the market-friendly reforms attractive to investments, Dominguez said.

The worst of the pandemic has passed and that the country is on its way to a strong rebound as it scales up its COVID-19 vaccination program to cover the adult population and persons aged 12 to 17 years old, he said.

“We have strengthened our public health system and we will continue to do so in the coming years. Our people have woven health protocols into their daily lives,” Dominguez said.

“As we relax restrictions on movement, our domestic economy appears to be responding with strength. After so many challenging months, the numbers are now all in our favor,” he added.

He cited the Philippines’ increasing foreign direct investments, growing remittance inflows from overseas, hefty international reserves, stable exchange rate and rising revenue collections as indicators of an economy on the way to a strong recovery.