Duterte vows to boost growth, create more jobs
ATTRACTING INVESTORS: Plan to relax economic restrictions, lower income taxes
PRESIDENT Rodrigo Duterte promised to keep the economic policies of his predecessor “and even do better”, outlining policies he said would boost growth and create jobs to lift people out of poverty.
The former mayor, who took office on June 30, vowed on Monday in his first state of the nation address to relax economic restrictions and make it easier to do business, in a bid to attract more foreign investment. Duterte also pledged to lower personal and corporate income taxes and relax rules protecting the secrecy of bank deposits.
“By the end of my term, I hope and pray to hand over an economy that is much stronger characterised by solid growth, low and stable inflation and dollar reserves, and a robust fiscal position,” he said.
The new leader inherits an economy that grew faster than China in the first quarter and won its first investment-grade credit rating under former president Benigno Aquino.
His administration has forecast growth of six to seven per cent this year even as the country faces its fair share of headwinds, with one in four Filipinos living in poverty.
Duterte said on Monday he would accelerate infrastructure spending, build more access roads to tourism gateways and provide inter-island transport links.