On Monday, President Ferdinand “Bongbong” Marcos Jr. vowed to put into practice a “sound fiscal management” policy in order to boost the nation’s economy.

Marcos acknowledged in his first State of the Nation Address (SONA)

“we live in difficult times brought about by some forces of our own making,” Nevertheless, he reassured the people that his administration “will continue to find solutions”.

“In terms of the economy, we will implement a sound fiscal management. Tax administration reforms will be in place to increase revenue collection,” PBBM said.

“Expenditure priorities will be realigned, and spending efficiency will be improved to immediately address the economic scarring arising from the effects of Covid- 19, and prepare for future shocks,” he continued.

Investments that increase productivity will also be encouraged, according to the president.

“Our country must become an investment destination, capitalizing on the Corporate Recovery and Tax Incentives for Enterprises or the CREATE Law and economic liberalization laws such as the Public Service Act and the Foreign Investment Act,” he stated.

“Ecozones will be fully supported to bring in strategic industries such as those engaged in high-tech manufacturing, health and medical care, and emerging technologies,” He added.