‘BBB’ rating the result of govt efforts – NEDA
THE National Economic and Development Authority (NEDA) on Thursday welcomed Fitch Ratings’ affirmation of the Philippines’ “BBB” investment grade rating with a stable outlook, saying it was the result of the government’s unified efforts to bolster the economy.
Socioeconomic Planning Secretary Ernesto Pernia said they were one in maintaining the country’s strong business environment, noting that the Philippine Development Plan (PDP) 2017–2022 has put the Philippines on course “to become an upper middle-class country in a couple of years.”
This medium-term plan is anchored on a national long-term vision of a strong, comfortable, and tranquil life for all by 2040. It seeks to expand the country’s gross domestic product (GDP) by 7 percent to 8 percent in the medium term; reduce the povery rate from 21.6 percent to 14 percent; and lower poverty incidence in rural areas to 20 percent by 2022.
According to the NEDA chief, the country can expect more positive economic developments because of Republic Act (RA) 10963, or the Tax Reform for Acceleration and Inclusion Act (Train), and RA 11032, or the Ease of Doing Business Act of 2018.
Implemented on January 1, Train is the first package of the government’s Comprehensive Tax Reform Program (CTRP) that reduced personal income tax rates and raised excise taxes on fuel, coal, automobiles, and sugar-sweetened beverages.
The Ease of Doing Business law requires all government agencies to speed up the issuance of business permits and other relevant documents to businesses.
RA 11032 “should make government and business transactions faster, thereby improving the country’s overall business environment to the satisfaction of the citizenry,” Pernia said.
We also have completed a streamlined draft of the “11th Foreign Investment Negative List, which is now with the President for signature,” he added.
The socioeconomic planning secretary also touted the government’s “Build Build Build” infrastructure program, saying it would “ramp up public spending in the next four years, and help reduce inequality by connecting the regions, generating jobs, and encouraging more investments in the country…”
The post ‘BBB’ rating the result of govt efforts – NEDA appeared first on The Manila Times Online.