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Thursday, September 21, 2006
Fiscal targets can be achieved: finance exec
PRESIDENT Gloria Macapagal-Arroyo remains focused on her targets as the administration clears the runway for economic take-off.
Finance Secretary Margarito Teves said the government is confident in achieving the fiscal targets towards the end of this year as it continues to seal revenue leakages, run after tax cheats and corrupt officials, and sustain the programs of stern fiscal discipline.
The administration's winning formula is making headway and has been reaping investor confidence and upbeat economic indicators, which are flowing down to the grassroots in terms of jobs, infrastructure, and solid social benefits, Teves said.
The government, he said, has come up with measures to ensure efficient tax collections.
When there are resources, there will be local infrastructure projects as well as funds for other projects, he added.
He also reminded the government-owned and controlled corporations to perform like the private sector and maximize profits.
He said it should undertake projects but with least cost for the government.
The government should not engage in business where it does not have the competitive advantage.
We do not need to go into business when we do not have the advantage, Teves further said.
The country, he said is on the right track of political stability and economic strength, and winning back the world through solid reforms will have a meaningful payback to the Filipino people.
The 6.4 percent inflation rate, strong peso at P50.73 to a dollar; 5.5 percent GDP growth in the second quarter of 2006; 14 percent increase in the remittances of overseas Filipino workers; and the improving outlook of credit rating agencies and reputable international institutions such as the Development Bank of Singapore that forecasts a stronger peso to breach the P50:1$ rate will continue to take the country to the promised land of economic progress.
The surpluses incurred during the past months and the continuous strengthening of the peso lead the momentum of gains that are fueling investments, jobs and infrastructure, Teves said.
He added that the country is now on the road to a debt-free status on top of a balanced budget by 2008 when the debt payment shall then be reduced by half.
For Bisaya stories from Davao. Click here. (September 21, 2006 issue)
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