President-elect Ferdinand “Bongbong” Marcos Jr. yesterday said his “first priority” as the 17th president of the Philippines is the economy which he intends to strengthen by making his campaign promises a reality: create more jobs, address rising prices of commodities and provide relief to pandemic-hit businesses especially the small and medium enterprises.
In an interview with select members of the media yesterday, Marcos said he will streamline and digitalize government processes to ensure faster and more efficient delivery of services to Filipinos
He also vowed to pursue infrastructure development and to improve the energy and agricultural sectors.
Marcos said he will study the fiscal consolidation plan submitted by the outgoing administration which contains measures like the imposition of new or higher taxes, a three-year deferral of income tax reductions for individual taxpayers and reduction in the value- added tax rate.
Marcos also said he will look into proposals to suspend fuel excise taxes amid rising prices by doing a “cost-benefit” analysis.
“If there is a commensurate return to somehow deferring the collection of excise tax, what would be the bearing?” he said emphasizing the need to find a balance between the interest of the people and the government’s need to generate revenue.
Clamor for the suspension of excise taxes on petroleum products has been strong following the continued rise in prices brought about by the Russia-Ukraine war but President Duterte opted to instead provide a P500 subsidy to poor families, and fuel subsidies and discount to farmers, fishermen and public utility vehicle drivers to cushion the impact of the high prices.
P20/kg of rice aspirational
Marcos, meanwhile, clarified the P20 per kilo of rice he promised during the campaign is “an aspiration” for now but he intends to keep the prices of rice and other food products affordable by fixing the food value chain.
Marcos said he has talked to rice traders about holding off any price increases for several months.
“I think we will be able to do it. That is the first step,” he added.
He said he plans improve the National Food Authority (NFA) and refocus its functions from one that handles rice importation to one that helps stabilize the price of the grain.
Marcos noted the need to employ new technologies in farming especially that current farmhands are around 56 to 57 years old.
Reexamine RCEP
Marcos said the incoming government will also reexamine the country’s participation in the Regional Comprehensive Economic Partnership (RCEP) to ensure it will not negatively impact the agriculture sector.
“I do not know if our agriculture sector is sufficiently robust to take on the competition that the opening of markets will cost,” Marcos said, adding RCEP would be beneficial for countries that are competitive.
But in a statement, outgoing Secretary Ramon Lopez of the Department Trade Industry (DTI) yesterday assured Marcos RCEP
is safe for the agriculture sector, because no new sensitive agriculture products were included in the deal.
Stressing the importance of getting Senate’s concurrence to the ratification by the Philippines of RCEP, Lopez expressed hope the next administration will recognize the gains from RCEP.
Lopez said the DTI will submit again its full statement on RCEP when the Upper Chamber resumes deliberation on it next week.
He said DTI will present a paper on RCEP as part of its briefing papers to the incoming administration and to the newly appointed incoming DTI secretary, Alfredo Pascual.
Nuclear is key
Marcos said another priority that his administration would undertake is increasing the supply of power.
He said his administration would look into possible amendments to the Electricity Power Industry Reform Act of 2001 while pursuing cleaner, alternative sources of power such as using nuclear.
“Nuclear remains to be the cheapest and cleanest way to produce energy,” he said. Prior to his proclamation he has talked with South Korea about studying the possible revival of the Bataan Nuclear Power Plant.
Marcos said in the meantime, the country could continue depending on traditional sources.
Marcos hails from Ilocos Norte which is known for its windmills that provide alternative power supply to the province.
Oil price rollback
Meanwhile, Undersecretary Benito Ranque of the Department of Energy (DOE( bared proposals to roll back prices of fuel by P3.26 per liter for gasoline and P1.40 per liter for diesel.
Ranque also said the DOE has proposed a lifeline subsidy of P800 monthly for households consuming 100 kilowatts per month during the first 100 days of the incoming Marcos administration.. With Irma Isip and Jed Macapagal)
