HEAVY TASK | Marcos must use current tax measures to spur economic recovery, says ex-DOF chief

May 16, 2022 , 01:17 PM

(May 16, 2022) – Presumptive president Bongbong Marcos Jr. should capitalize on the tax measures implemented by the outgoing administration to attract investments to boost the economy once he officially assumes the position, an economist said on Monday.

Roberto de Ocampo, the chairperson of Foundation for Economic Freedom, said Marcos can bank on measures such as Tax Reform for Acceleration and Inclusion Law and the Corporate Recovery and Tax Incentives for Enterprises Law.

“All of these, if used properly and not reversed, are going to attract investments,” said De Ocampo on One News’ BusinessWorld Live. “Investments will create jobs and it will create a widening tax base in order for them to have the capability to breach the target this year of 6% to 7% growth of GDP (gross domestic product).”

De Ocampo added that the approval of the Retail Trade Act, the Public Service Act, and the Foreign Investment Act will also be crucial in stimulating the economy which has been largely in a slump due to the COVID-19 crisis. Last year, the country’s GDP was pegged at 5.7%.

“With the attraction of investors once again, you got the expansion of jobs, expansion of tax base, you have a growing economy. So, it is very important that he takes these tools into consideration and go forward with them,” said De Ocampo, who served as Department of Finance (DOF) secretary under former President Fidel Ramos.

Marcos, who has been hounded by tax-related issues, will have to deal with high inflation and high debt, among other economic concerns, once he’s sworn into office on June 30. He has yet to be proclaimed.

In April, the country’s inflation rose to a three-year high of 4.9% as the cost of oil and electricity soared. The Bureau of Treasury reported that the total outstanding debt of the country as of March was at P12.68 trillion.

De Ocampo said it would be ideal if Marcos could keep the key economic officials of President Rodrigo Duterte, including DOF secretary Carlos Dominguez III, National Economic Development Authority chief Karl Chua, and Department of Trade and Industry secretary Ramon Lopez.

“If he can’t, he should take somebody who has the same capability in managing our funds, so to speak, in a very judicious manner and not in a manner that, you might say, encourages giveaways and populist type of policies,” said De Ocampo.

He added that the massive victory of the son of the late dictator also carries with it a huge responsibility. He added that the next administration must introduce steps that will help lower the country’s debt-to-GDP ratio now at 63.5%.

“That doesn’t mean you have to pay all that in one go, but what it does mean is you have to keep your economic growth and your fiscal management going soundly so you can afford to spend for necessities in the economy,” said De Ocampo.

(PM)

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