PRESIDENT Ferdinand “Bongbong” Marcos Jr. on Monday vowed to implement a “sound fiscal management” policy to improve the country’s economy.
In his first State of the Nation Address (SONA), Marcos admitted that “we live in difficult times brought about by some forces of our own making,” but he assured the public that his administration “will continue to find solutions”.
“In terms of the economy, we will implement a sound fiscal management. Tax administration reforms will be in place to increase revenue collection,” Marcos said.
“Expenditure priorities will be realigned, and spending efficiency will be improved to immediately address the economic scarring arising from the effects of Covid-19, and prepare for future shocks,” he added.
The President said that productivity-enhancing investments will also be promoted.
“Our country must become an investment destination, capitalizing on the Corporate Recovery and Tax Incentives for Enterprises or the CREATE Law and economic liberalization laws such as the Public Service Act and the Foreign Investments Act,” he said.
“Ecozones will be fully supported to bring in strategic industries such as those engaged in high-tech manufacturing, health and medical care, and emerging technologies,” Marcos added.