Pagtugon sa pandemic revenue losses, debt rise IPAPASA SA NEXT ADMIN

PATULOY na isusulong ng Department of Finance (DOF) ang fiscal consolidation plan na naglalayong bawasan ang tinatawag na “long-term economic scarring” na resulta ng COVID-19 pandemic-induced recession.

Gayunman, sa ilang buwan na lamang ng Duterte administration, ang fiscal consolidation plan ay maipatutupad pa sa susunod na administrasyon.

Ang Fiscal consolidation ay tumutukoy sa mga polisiya ng pamahalaan na naglalayong bawasan ang “deficits and accumulation of debt.”

“Tax revenue losses from the pandemic-induced economic slump, the rise in debt to fund our COVID-19 response, the looming revenue impact of our economic recovery measures, and lower spending efficiency as a result of the Supreme Court decision to expand the share of LGUs (local government units) from the NTA (National Tax Allotment) must be adequately addressed by the next administration’s economic team,” ayon kay Finance Secretary Carlos Dominguez III.

“The national government incurred hefty tax revenue losses amounting to P785.64 billion or 4.4% of gross domestic product (GDP) in 2020,” ayon sa pagtataya ng DOF sa dulot ng pandemya.
Bago pa nanalasa ang COVID-19 noong nakaraang taon, inasahan nang tataas ang tax revenues ng 16.2% noong 2020.

“Likewise, foregone revenues are expected to be even larger in the coming years as the impact of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) and Financial Institutions Strategic Transfer (FIST) which are both crucial to a quick economic recovery take effect,” ayon sa Kalihim.

Sinabi pa ng DOF na mula 2021 hanggang 2024, ang revenue losses ay inaasahang papalo sa P1 trillion “on average every year” dahil sa tax revenue losses dulot ng pandemya at foregone revenues mula naman sa CREATE at FIST.

Ang kabuuang financial cost ng COVID-19 related loans sa ngayon ay umabot na sa $28.91 billion o P1.47 trillion.

Makikita sa data ng DOF na ang outstanding balance o principal value ng COVID-19 loans ay $22.58 billion o P1.15 trillion, habang ang projected amount ng interest payments hanggang maturity ay $6.32 billion o P320.85 billion.

Ang mga loans na ito ay magma-mature sa pagitan ng 2024 at 2060. (CHRISTIAN DALE)

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