“It may best to adopt a conservative economic strategy to spend for enhancing productivity and future growth; avoid fiscally risky programs and gambles that will require large state public subsidies,” UP School of Economics Associate Professor and Director for Research Dr. Renato E. Reside, Jr. said.
“Basically, to rebuild a fiscal space that was lost because of the crisis. As you can see, it took a lot to eliminate the fiscal space that we have built over the years. So, we need to regain some of that in order to make us more resilient because there will be future crises for sure,” he said. Mr. Reside advised the government to look for wins in tax administration and tax reforms with the potential to raise gross domestic product growth by a quarter to half a percent a year.