DOF assures fiscal discipline in Build, Build, Build program

Finance Secretary Carlos Dominguez III has assured the public that the government will continue to maintain fiscal discipline as it goes ahead with its aggressive public spending to keep the momentum of the Build, Build, Build infrastructure program that is designed to fuel high—and inclusive—growth.

Dominguez said the Department of Finance (DOF) and the Bureau of the Treasury (BTr) will also ensure that the government’s borrowing policy remains cost-efficient to provide it with enough resources to fund its infrastructure and priority programs.

Dominguez said the country’s fiscal position is “strong” and “will continue to be so in the foreseeable future.”

To maintain the momentum of the Build, Build, Build program, Dominguez said the economic managers slightly adjusted the deficit forecast from three percent to 3.2 percent through 2019.

“We assure our people that the government remains steadfast in its commitment to fiscal discipline. The improved revenue collections are channeled to productive spending that will clear the way towards inclusive economic growth,” Dominguez said during the press briefing after the 173rd meeting of the Development Budget Coordination Committee (DBCC) at the Department of Budget and Management (DBM) office.

For the first five months of 2018, Dominguez said total revenues have reached P1.19 trillion, which is higher by 19 percent year-on-year and also 7.4 percent above the target.

“For these, we credit the administrative reforms undertaken by both agencies as well as the beneficial effects of the TRAIN (Tax Reform for Acceleration and Inclusion) Law passed late last year,” he said. /