In the face of the COVID-19 pandemic, the Philippines’ financial position can be considered “good,” according to Finance Sec. Carlos Dominguez this Monday.
According to the secretary, the government has collected up to P1.821 trillion in taxes and customs from January 1 to September 30.
This is higher than the Department of Finance’s estimate of P1.682 trillion but down 12 percent last year due to slower business activity due to the pandemic.
Of the country’s loans, 70 percent are from the local market, 30 percent are from abroad.
“We have signed up almost $9 billion worth of loans. The interest of these loans are very low, and the term is very long. So we have to thank our multi-lateral agencies and countries like Japan who have been providing good financing for us,” said Dominguez.
Meanwhile, the country received P130 billion dividends from state-owned companies.
According to Dominguez, the country is ready to respond to the crisis, with laws passed such as TRAIN and rice tarification law.
“We have a good economy. What is happening is that this very strict quarantine is holding it back. We have to really open the economy more,” the finance chief said.
The Department of Trade and Industry (DTI) earlier recommended to open up the economy further by allowing malls and other businesses to open at 100% capacity under the general community quarantine (GCQ).
Finance chief: PH needs to reopen economy amid a pandemic
“Ngayon isina-suggest natin pwede nang i-100%. Anyway ito ‘yung mga safe na mga trabaho at wala tayong nakikitang transmission dito dahil mahigpit pa rin ang minimum health standard enforcement natin,” Trade Secretary Ramon Lopez said in an interview on Dobol B sa News TV last week.
The Trade chief said DTI would propose to have the following establishments operate up to 100% capacity:
- Financial services such money exchange, insurance, lending companies, pension funding
- Legal and accounting
- Management consultancy
- Architecture and engineering activities
- Science and research and development
- Advertising
- market research
- Computer programming
- Publishing and printing
- Film, music, and TV production
- Recruitment and placement agencies for overseas employment
- Photography services
- Fashion, industrial, graphic, interior design
- Wholesale and retail trade of motor vehicles