DAVAO CITY (PIA) - The president of the Davao City Chamber of Commerce and Industries Inc. (DCCCII) is confident that the country’s economy will recover from the pandemic and the resulting economic downturn.
John Carlo B. Tria, DCCCII president said based on what he saw from President Rodrigo Duterte's recent Statement of the Nation Address (SONA) held on July 27, a large portion of the SONA were on economic measures to deal with the impact to the economy, jobs, livelihood.
He said for these to be realized, the Congress must pass the legislative proposals for stimulus and tax reforms as this will help many sectors recover.
Tria said that the administration’s economic team has handled the situation well amidst the pandemic.
“I think the efforts of the government and the economic team built a strong position for the response. Confidence in our economy can be seen in the successive rise in our credit ratings, in spite of the covid pandemic. Our debt to GDP and debt to GNP ratios are better than many countries. From a monetary perspective, the central bank has deployed tools such as the lowering of reserve requirements and interest rates to drive up liquidity and enable businesses to borrow and the economy is stimulated,” the DCCCII prexy said.
Tria hopes that banks increase their lending to stimulate the recovery of businesses.
He hopes that in the remaining years of the Duterte presidency, the government will sustain the economic reforms it started in the early years of the administration.
“Actually a big part of the reforms were legislated and therefore institutionalized in the early years of his presidency. Ensuring their implementation by the respective agencies, especially those strengthening the countryside like Build Build Build, agriculture programs and better internet will strengthen local economies,” Tria said. (PIA/RG Alama)
Source: Philippines Information Agency (pia.gov.ph)
0 Comments