The series of tax reforms, unparalleled infrastructure investments and the enactment of the law that cleared the way to the long-sought return of the coco levy funds are among the lasting legacies of the Duterte administration on the economic front, a Cabinet official said.

During the Duterte Legacy Summit on Monday, May 30, Finance Secretary Carlos G. Dominguez III said these initiatives have marked the country’s turn “towards more inclusive growth and prosperity,” making the outgoing administration “among the most productive in our history.”

Other game-changing reforms carried out by President Duterte had languished in the congressional shelves for decades and were only enacted into law during his term as a result of his “bold leadership and strong political will,” Dominguez said.

These include the Rice Tariffication Law, which was implemented after more than 30 years of failed attempts by previous administrations, and the country’s most Comprehensive Tax Reform Program (CTRP) ever that lowered tax rates both for individuals and corporations, he said.

Dominguez said the positive impact of these measures can be seen in the economy’s growth of over six percent annually before Covid-19 struck, and in the country’s financial strength that enabled it to weather the worse of the pandemic-induced global crisis.

“The next administration will inherit many hard-won reforms. They will assume the office with the basic groundwork for rapid and inclusive growth already in place. President Duterte’s final legacy is a confident and hopeful Filipino people earnestly looking to a future of sustained progress,” Dominguez said.

He said the reforms put in place on the Duterte watch have bolstered the country’s ability to recover and rebuild from the pandemic.

“I am extremely proud to have served under this President. Although this was a period challenged by a pandemic, it was also a time that the government firmly demonstrated that it could respond decisively to any emergency,” Dominguez said.

With a stable fiscal position and investment-grade credit ratings, the Duterte presidency was able to move quickly in mobilizing a total of P3 trillion in financing for the country’s Covid-19 response.

Dominguez noted that despite the increased borrowings to procure vaccines and provide relief to vulnerable sectors while maintaining economic investments, the country’s debt level remains sustainable.

“Throughout the crisis, our historic high credit ratings were maintained amidst downgrades among our peers globally. This is a testament to our excellent record of prudent spending and fiscal discipline,” he added.