Neda Secretary Karl Kendrick Chua (FILE PHOTO)
MANILA, Philippines — There are three ways to generate revenues that the country needs, National Economic and Development Authority (Neda) Secretary Karl Kendrick Chua said Wednesday.
The incoming administration of presumptive president Ferdinand “Bongbong” Marcos Jr. is expected to have a P5.268-trillion national budget for his first full year in 2023.
“Very clearly, we need more revenues. But there are three ways to generate revenues,” Chua replied when asked during the Kapihan sa Manila Bay forum where the funds will be sourced.
The three ways are through policy reform, collection efficiency, and economic growth.
“One is through policy reform and that is what the [Department of Finance] will be presenting in the coming days. It’s a proposed fiscal consolidation program,” he said.
“The second is, of course, our collection efficiency. I think because we are shifting more to digital, there will be a way to improve our collection efficiency,” added the outgoing chief.
The Neda chief said the last way is what he wants to concentrate on — economic growth.
“Finally is to grow the economy and this is where I want to focus on because that is Neda’s mandate,” he shared.
“Revenues are collected from the economy. So, if you have a bigger economy, higher growth, then you have more revenues,” he explained.
Chua lamented that the country faced challenges when the COVID-19 pandemic “shut down the economy.” To bounce back, he said a priority on the full opening of the economy and face-to-face classes should be given.
“So, right now as Neda Secretary, my priority is to open the economy fully to Alert Level 1, open face-to-face learning so that we provide everyone the opportunity that was taken away from them two years ago because of the pandemic” he said.
According to Chua, the Philippines is on its path to economic and accelerated growth.
Incoming economic chief
Meanwhile, Chua said he had congratulated economist and former Neda chief Arsenio Balisacan for being his successor.
Chua said that notes are already prepared for their transition.
“We have had an exchange of communication. I congratulated him on his return. I think he is very experienced and capable person to lead Neda in these challenging times,” he said.
“We look forward to our meeting with him. We have prepared our transition notes we’ll share with him. Of course, these are all recommendatory,” continued Chua.