Lawmaker prescribes cures vs worst recession in years | Inquirer News
SUGGESTED PROTOCOL

Lawmaker prescribes cures vs worst recession in years

By: - Reporter / @NCorralesINQ
/ 05:18 AM January 29, 2021

MANILA, Philippines — The government should expedite spending, accelerate the vaccine rollout, and be open to more private investments as the country posted its worst recession in 2020, House tax panel chief Joey Salceda said on Thursday.

In a statement, Salceda suggested that the government prioritize three solutions and avoid what he called “temptations” on policy.

According to Salceda, the most important is the vaccine rollout, adding that the country needs herd immunity before this year ends.

Article continues after this advertisement

“There can be no ifs, ands, [or] buts here. I urge the government to support the Bayanihan sa Bakuna Act (House Bill No. 8285) because it will expedite procurement, rollout and administration of vaccines. No point in the gradual reopening of the economy if we will not give people the confidence to go out,” he said.

FEATURED STORIES

Salceda added that the second most important solution “is to make sure we spend the 2021 budget and exhaust the 2020 budget completely this year.”

“No toleration of delays in spending should be tolerated. I sternly warn implementing agencies that Congress will hold you accountable for the budget requests you submitted but cannot spend,” he said.

Article continues after this advertisement

“Finally, we need to signal to the domestic and international investing communities that we are serious about being open for business,” Salceda added.

Article continues after this advertisement

He said Congress should now pass the Corporate Recovery and Tax Incentives for Enterprises Act, economic Charter change and be “more open to public-private partnerships that are fair.”

Article continues after this advertisement

Salceda warned that the government should not “deplete the revenue base by making redundant incentives too generous, or by making unreasonable or impulsive tax exemptions.”

“The second temptation is to build credit barriers. I find the tightening of rules on borrowing recently issued by the Bangko Sentral objectionable. It does not make sense to impose a one-size-fits-all restriction when you also want to attract credit,” he said.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

For more news about the novel coronavirus click here.
What you need to know about Coronavirus.
For more information on COVID-19, call the DOH Hotline: (02) 86517800 local 1149/1150.

The Inquirer Foundation supports our healthcare frontliners and is still accepting cash donations to be deposited at Banco de Oro (BDO) current account #007960018860 or donate through PayMaya using this link.

TAGS: COVID-19

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.