MANILA, Philippines — Filipinos seem to be experiencing the “Golden era” in the next six years as incoming Finance Secretary Benjamin Diokno believes that the country’s poverty level will be down to 1 out of 10 Filipinos by the end of the term of the President-elect Ferdinand “Bongbong” Marcos Jr. in 2028.
“Ako’y naniniwala na by that time, poverty in the Philippines will be just 1 out of 10 [Filipinos] or even lower,”
Benjamin Diokno at OneNews PH’s interview
(I believe that poverty in the Philippines will be just 1 out of 10 Filipinos or even lower by that time.)
Diokno stated that the incoming economic managers seek to bring down the country’s debt-to-GDP ratio to 3% by the end of Marcos Jr.’s term, believing this is doable given the present tax system that the Duterte administration will leave behind.
But according to Diokno, this will be possible if the country’s economy grows at 7% this year and then 6% for the next six years, which may bring down the Philippines’ debt-to-gross domestic product (GDP) ratio to 3%, Diokno said.
“So that is our plan, then we will accomplish our plan which originally adapted already, we will achieve the upper-middle-income country ang Pilipinas by maybe in a year or two and another target that was disrupted because of the pandemic, that we will get A rating,” Diokno added. The country is currently at a B to B+ rating.
The current Department of Finance has presented new and higher taxes plus a three-year deferral of income tax reductions scheduled for individual taxpayers to pay off the country’s debts.
Diokno also mentioned earlier that he does not favor the tax increase even though the incoming Marcos administration is set to inherit a huge debt. But he stressed that incoming economic managers will still look at the outgoing administration’s proposal and “figure out which are doable and not doable.”