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The government will exhaust its power to ensure that future generations of Filipinos do not inherit the challenges of today, according to Finance Secretary Ralph Recto.
He said that to ensure food security, a top priority of President Ferdinand Marcos Jr., the government is sparing no effort to address the current rice-driven inflation caused by global price increases. “And while this could entail revenue losses for the government amounting to P9.2 billion for the rest of 2024, in the bigger picture, this improves the welfare of households, especially the poor,” Recto said.
Recto also said the recalibration of the country’s growth and fiscal goals is part of the government’s proactive steps to future-proof the economy, ensuring that its targets are attainable, realistic, adaptive to external challenges, and supportive of sustainable growth. Over the medium term, the DOF anticipates a 10.3-percent average annual growth in total revenues to support the Filipino people’s growing needs, reaching P4.27 trillion in 2024 and P6.25 trillion by 2028.
Recto said every peso would be stretched to deliver a bigger bang per buck, ensuring sustainable funding for the nation’s HEARTS .
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