Supported by robust macroeconomic fundamentals, the revised Gross Domestic Product (GDP) target growth will sustain the country’s position as one of the fastest-growing emerging economies in Asia-Pacific region, the National Economic Development Authority (NEDA) said on Thursday.
“Robust macroeconomic fundamentals will support this growth trajectory. These growth targets will sustain the country’s position as one of the fastest-growing emerging economies in the Asia Pacific region,” NEDA Secretary Arsenio Balisacan said in a Palace briefing.
Balisacan explained that through Medium-Term Fiscal Program (MTFP), the government will improve its performance through the enhanced tax administration reforms aiming for a modernized and efficient tax system.
“The government will further improve its performance through enhanced tax administration reforms focused on modernizing and enhancing the efficiency of the Philippine tax system,” Balisacan said.
Furthermore, Balisacan said collaborating with Congress to streamline the passing of priority tax reform measures will improve the revenue generation and adhere to fiscal requirements and current domestic developments.
“We will complement these measures by working with Congress to pass priority tax reform measures to recalibrate and further improve revenue mobilization and ultimately be more attuned to the country’s fiscal requirements and current domestic developments,” he added.
The NEDA projects revenues to reach PhP 4.270 trillion (16.1 percent of GDP) in 2024 and increase to Php 6.078 trillion (16.4 percent of GDP) by 2028, or before the end of the Marcos administration.
