Duterte admin presents plan to cut PH debt to Marcos admin, says Palace

FILE PHOTO: Presidential Communications Secretary Martin Andanar (INQUIRER FILE PHOTO)

MANILA, Philippines — The administration of President Rodrigo Duterte has proposed a plan to reduce the country’s debt to the incoming administration of president-elect Ferdinand “Bongbong” Marcos Jr., Malacañang said Thursday.

Data from the Bureau of the Treasury showed that the country’s debt soared to P12.68 trillion as of March.

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“The Duterte Administration’s Economic Team has proposed a fiscal consolidation and resource mobilization plan, containing fair, efficient, and corrective tax measures,” acting presidential spokesperson Martin Andanar said in a statement.

“These include the expansion of value-added tax (VAT) base by removing ineffective VAT exemptions except for some sectors, among others, to generate revenues,” the official added.

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The proposal, however, is subject to the consideration of the next administration, Andanar stressed.

For the incoming Marcos administration, a tax hike is not a priority, Senate Majority Leader Juan Miguel Zubiri recently noted.

Despite his scheduled term termination by the end of this month, reducing the country’s debt is still Duterte’s priority, according to Andanar.

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