Economy has to reopen more, says DOF chief

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Photo from: dof.gov.ph

By: Philstar

The country’s financial position is still “good” despite the pandemic, but strict quarantine restrictions are holding back the economy, according to the Department of Finance (DOF).

Finance Secretary Carlos Dominguez III said the government has enough funds to plug the country’s budget deficit.

Dominguez said the Bureaus of Internal Revenue and Customs are doing a “good job” as they were able to collect P1.821 trillion in the first nine months, higher than the government’s estimate of P1.682 trillion.

State revenue collection, however, was lower by 12 percent compared with the figure last year because of less business activity.

Dominguez also reported that about 70 percent of the government’s borrowings came from the local market while about 30 percent came from abroad.

The Bangko Sentral ng Pilipinas, according to the finance chief, has provided a lot of liquidity to the banks and to the local market, allowing the national government to borrow locally.

State-owned companies are also remitting dividends to the government, contributing P65 billion in 2019 and about P130 billion this year.

 

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