Dominguez vows sustaining reform momentum

All the hard work we put in to reform our policies and build an inclusive economy have resulted in a palpable improvement in the lives of our people… There is nothing impossible to him who will try.

The year about to end was a year of great achievements and should serve as an inspiration for Department of Finance (DoF) officials and employees to carry on, Finance Secretary Carlos Dominguez III said.

“The task of bringing forth change is a long and painful one. We will have to deal with the vagaries of our politics, the inertia of the bureaucracy and the resistance of those who would rather have things stay as they are,” Dominguez said.

“The reforms we seek to achieve will require resilience, endurance and persistence. I ask you to remain firm in the tasks we have to accomplish, especially next year as we push for the remaining packages of the tax reform program,” he added.

According to him, the professionalism and dedication of DoF employees helped realize policy reforms once thought of as impossible. Such reforms help improve the lives of Filipinos and reflect the efforts of the Duterte administration to establish a strong and inclusive economy.

Dominguez said the DoF’s accomplishments this year, including the passage of the tobacco tax reform bill, the higher government owned and-controlled corporations’ revenue contribution, the progress of the remaining tax reform packages and the highly concessional loan financing secured for the “Build, Build, Build” program.

“All the hard work we put in to reform our policies and build an inclusive economy have resulted in a palpable improvement in the lives of our people… There is nothing impossible to him who will try,” Dominguez said.

The Cabinet official said the government is on track in accomplishing its objectives of bringing down the poverty incidence seen moving down to only 14 percent by 2022 from 23.5 percent in 2015.

Likewise, Dominguez cited the recently enacted Rice Tariffication Law which made the staple grain significantly cheaper by as much as P7 a kilo. Affected local farmers were also extended financial assistance via the establishment of the annual P10 billion Rice Competitiveness Enhancement Fund.

Moving forward, the Finance chief is confident of sustaining the policy reform momentum and urged DoF employees to continuously improve themselves.

“We are all warriors for reform…we must prepare well and move decisively. I encourage you to continuously build yourselves and sharpen your weapons for the war we have before us. After the holiday break, we will return to the battlefield with refreshed spirits and renewed vigor to win the war for reform,” he said.

“I trust (that) we will win by combining sound analysis, compelling strategies and savvy execution. Let us aim for victory after victory,” he said.