The Department of Finance (DOF) has bared the government strategies referred to as the Growth-Enhancing Actions and Resolutions (GEARs) plan that will ensure the country is on track to achieve a growth-enhancing fiscal consolidation, which in turn will foster an environment conducive to employment-generating investments.
Under the GEARS plan, the DOF will act fast on investments through the swift implementation of pro-business reforms, improvements in the regulatory regime, reduction in the cost of doing business, and addressing constraints.
These include pushing for amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to further address investor concerns, tailor-fit incentives, and attract more strategic investments into the country.
Finance Secretary Ralph Recto said “the ease of doing business is what builds investment-led growth that creates more quality jobs in a land whose talents far outstrip opportunities that could harness them.” He added that the government will also implement the “Build Better More” program to generate more employment and investments.
Recto said the annual infrastructure spending is targeted to hit 5 to 6% of the gross domestic product, and the government will leverage private sector capital and expertise through the recently enacted Public-Private Partnership (PPP) Code to cut the infrastructure backlog, free up fiscal space for social services, and generate jobs that boost domestic consumption.
DOF, he added, aims to achieve its revenue collection targets by further enhancing tax administration efficiency to provide more funds for education, upskilling and worker trainings, health care, and other human capital development programs that will improve the preparedness of Filipinos for quality job opportunities.
“Our greatest asset is our people. Thus, we will prioritize empowering them further by investing heavily in human capital development to prime and prepare them for the best and the brightest opportunities ahead,” Recto said. (PNA)