NEDA ready to turn over transition plan to next gov’t

The incoming administration would have to ensure a strong macro fiscal foundation and build on existing policy reforms of the Duterte government to guarantee sustained economic growth in the next six years.

In a briefing on Thursday, Socioeconomic Planning Secretary Karl Chua said the National Economic and Development Authority (NEDA) is ready anytime to dialogue with the team of presumptive president Ferdinand “Bongbong” Marcos Jr.

NEDA is part of the transition team created by President Duterte to ensure a smooth transfer of responsibilities by June 30.Apart from Chua, the team consists of Foreign Affairs Secretary Teodoro Locsin Jr., Finance chief Carlos Dominguez III, and Budget officer-in-charge Tina Rose Marie Canda.

“In general terms, there are two things that I think are most important. First is to ensure a strong macro fiscal foundation, to maintain a responsible and prudent fiscal policy,” Chua said.

Maintaining a macro fiscal prudence will help keep the country’s credit ratings high, which means that the Philippines can borrow at cheaper rates and sustainably fund its projects such as infrastructure.

“Second is policy continuity. President Duterte enacted many reforms and these should be retained, not reversed,” he said.

Chua said the reforms include the tax reform program, the Rice Tariffication Law, the flagship Build Build Build infrastructure program, the national identification system, universal healthcare, ease of doing business, and the economic liberalization bills.

In the immediate term, Chua said there is a need to address full economic recovery, including the opening of all face-to-face classes. He said that managing inflation should also be one of the priorities.