Marcos to pursue ''sound fiscal management'' in State of the Nation Address
President Ferdinand Marcos, Jr. vowed to sustain "sound fiscal management" during his first State of the Nation Address (SONA) at the Batasang Pambansa on Monday.
He said he will prioritize increasing revenue collection.
"Tax administration reforms will be in place to increase revenue collection," Marcos said.
Among Marcos' proposed tax measures are imposing a value-added tax on digital service providers, which is expected to generate P11.7 billion this year alone and streamlining operation of the Bureau of Customs.
"Expenditure priorities will be realigned, and spending efficiency will be improved to immediately address the economic scarring arising from the effects of COVID-19, and also to prepare for future shocks," Marcos said.
About 5 to 6 percent of GDP will be set aside for infrastructure projects.
"Our infrastructure development is of primary importance as it is a necessary element to improve many other sectors--to include agriculture, tourism, general economic activity and even governance," he added.
Marcos said the government will consider tapping renewable and nuclear energy to address gaps in the local power supply.
"I also believe it is time to re-examine our strategy towards building nuclear power plants in the Philippines," he added.
Marcos, who is also agriculture secretary, wants to boost production by giving farmers access to financing, cheap fertilizer, pesticide, seeds, feeds, and fuel.
He seeks to improve the distribution of produce through building a national network of farm-to-market roads and expanding the Kadiwa Centers of the Department of Agriculture.
Marcos said he will also issue an executive order, which will impose a one-year moratorium on the payment of land amortization and interest payments.
He said he will push for the passage of a new legislation for the condonation of agrarian reform beneficiaries with unpaid amortization and interest. DMS
