MENU

Thumbnail Budget Secretary Benjamin E. Diokno presents developments in the fiscal sector of the Philippine economy during the Philippine Economic Briefing in Bangko Sentral ng Pilipinas. (September 18, 2018)    Manila, Philippines – The economic managers of the Duterte administration emphasized a strong economic outlook in the Philippine Economic Briefing (PEB) held in September 18, 2019 at the Banko Sentral ng Pilipinas.   “Government spending continues to boost economic activity,” Secretary Benjamin E. Diokno remarked. “Our expansionary fiscal policy is prudent, sustainable, and supportive of development objectives.”   In fact, with a robust target of 7-8% in the next five years, the Philippine economy is the highest in the ASEAN 5 economies. The growth target is consistent with the projections of global think tanks and is within our reach, considering the rise of public investments in the country.   In the Secretary’s presentation, he shared the country’s fiscal performance. “The revenue effort is projected to increase from 15.7% in 2017 to as high as 17.6% in 2022,” noted the Budget Secretary. “In nominal terms, revenue collection will rise from close to P2.5 trillion in 2017 to as much as P4.6...
Thumbnail   Central, Hong Kong -- DBM Secretary Benjamin Diokno presented the Philippines’ economic outlook and investment opportunities to European, Italian, and other Hong Kong-based businessmen and investors in a forum organized by the Italian Chamber of Commerce on “Investing and Doing Business in the Philippines.”   In his presentation, Secretary Diokno emphasized the Philippines’ strong macroeconomic fundamentals and positive growth outlook.   According to Secretary Diokno, the current status of the Philippine economy indicates the following: “resilient growth;  modest inflation though slightly elevated in 2018; moderate fiscal deficit supporting effective government spending and sustainability to meet debt obligations;  ample liquidity continuing to support economic activity;  a sound and stable banking system; and a strong external position,” proving that despite global and domestic challenges, “the Philippine economy has gone a long way in cementing its resilience and building buffers over the years.”   With 6.7% GDP growth rate in 2017, the Philippines continues to be one of “fastest growing countries in the world,” Secretary Diokno said. The benefits of such growth is widespread, with...
DBM Secretary Diokno guested in a live broadcast interview with Bloomberg TV this morning at the Bloomberg Markets Asia Studio in Hong Kong.   In his interview with David Ingles of Bloomberg TV, Secretary Diokno was prompted to discuss the relationship between TRAIN law and rising inflation in the Philippines.   According to Secretary Diokno, the estimated contribution of TRAIN to inflation is only 0.4%. He pointed to food supply factors as the reason behind rising inflation.    “[The] price of pork has gone up because of the crisis with Swine Flu. Also, our own National Food Authority had 4.6 million sacks of rice they did not release on time; they also have money to buy rice, they did not do it,” the Secretary said.   When asked if the economic managers were going to back-track on the implementation of TRAIN law after pressure from some legislators, Secretary Diokno said “no”.   “It is a structural reform. The past tax reform that we did was 30 years ago. We needed to make the tax system fairer, simpler, and more competitive with our ASEAN neighbors [...] We’re not sacrificing that to solve transitory problems. That’s like using a sledgehammer to kill a fly,” Secretary Diokno explained....
Thumbnail DBM Secretary Benjamin Diokno gave a talk today at the Asia-Europe Meeting (ASEM) on Sustainable Connectivity and Quality Infrastructure held in Mita Conference Hall, Tokyo, Japan.   In his talk on “Institutional Connectivity  of Transportation and Customs between Asia and Europe”, Secretary Diokno discussed the challenges and opportunities arising from the transportation and customs sectors for both regions.   “In this age of globalization, when it is necessary to look beyond national and even regional boundaries for opportunities, both for business and leisure, the coordination of infrastructure and customs rules and procedures is necessary to spur further economic growth and development,” the Secretary said.   He cited “[f]altering infrastructure and costly trade barriers in the form of tedious customs rules and procedures” as having “an adverse impact on the vastly interconnected supply-chains of industries, businesses, and the welfare of everyday people”.   According to him, “countries that experience geographic barriers with historically weak trade and logistics facilitation, complex customs rules and procedures, and poor infrastructure” stand to gain the most from “economic...
Thumbnail Yesterday, Secretary Diokno attended the Philippine Festival in Japan, an annual event showcasing Philippine culture, arts, products, services and tourism destinations.   During the event, the Secretary shared light-hearted moments with fellow Filipinos who were eager to talk and take pictures with the budget chief.   An estimated 80,000 Filipinos and Japanese attended the event which was held for the third consecutive time at Hibiya Park, the location of the bust of Philippine national hero, Jose Rizal.   Secretary Diokno is in Japan to give a speech for the Asia-Europe Meeting (ASEM) Seminar on Sustainable Connectivity and Quality Infrastructure on September 12, 2018.   (30)  
  The proposed 2019 Budget allocates P5.2 billion to the Department of Trade and Industry (DTI) to spur job creation and innovation in the industry and services sector of the Philippine economy.                       Of this amount, P512 million is earmarked for the management and operations of Negosyo Centers nationwide. These Negosyo Centers extend business registration and advisory services to micro, small, and medium enterprises (MSMEs), promoting the ease of doing business and facilitating market access to entrepreneurs.             “Supporting entrepreneurs will enhance the economy’s competitiveness and create jobs for our countrymen,” said Budget and Management Secretary Benjamin E. Diokno. “MSMEs represent 99.6% of all business establishments in the Philippines and employ two-thirds of all business enterprise workers. This is why we have set aside funds to encourage entrepreneurship among Filipinos,” he added.             For 2019, the DTI aims to service more than 575,000 clients and sustain the 939 Negosyo Centers nationwide.     (30)       For inquiries, further questions and requests for interview, please contact Marianne Ongjuco: Email: This email address is being protected from spambots. You need JavaScript enabled to view...
Thumbnail Sec. Diokno speaks with members of the Japanese media in the Power Hour event in Tokyo.   “On top of comfort and convenience, the ‘Build Build Build’ program offers more than just upgrading infrastructure [...] It’s about linking the present with our vision of a prosperous Philippines - a stronger economy with higher standards of living, a harmonious society with effective and accountable governance, and a country we all can be proud of,” DBM Sec. Diokno emphasized as he spoke with members of the Japanese media during the Power Hour: Philippines and Japan Economic Relations held in Tokyo, Japan on September 10, 2018.   The event, attended by Ambassador Jose Laurel and some members of the Japanese press, focused on the economic ties between Japan and the Philippines.     Budget Secretary Diokno highlighted the role of the administration’s ambitious Build Build Build program in achieving sustainable connectivity and quality infrastructure in the Philippines. He noted how the dismal state of the country’s infrastructure has long been a hindrance to growth and inclusive development, and accordingly, how the Build Build Build is critical to the fulfillment of the country’s development agenda....

More in Press Releases

Pin It