In his speech during the opening ceremony of the two-day “Sulong Pilipinas” economic consultation workshop on June 20, 2016 at the SMX Convention Center in Davao City, incoming Finance Secretary Carlos “Sonny” Dominguez said the task of the Department of Finance (DOF) in the Duterte administration will revolve around these three:
1) Raising the money government requires to operate and invest in social goods such as infrastructure, health facilities, and quality educational institutions.
Raising the means for government to do what it must, however, ought to avoid deepening inequality and denying our citizens their right to make economic decisions for their own benefit.
2) Ensuring the sustainability of the government’s financial affairs.
While we might seek financing to secure economic opportunities for our people, we must also manage the national debt so that it does not become a drag on our growth.
3) Playing a key role in making the country’s economic growth more inclusive.
This can be achieved by: rethinking our investments incentives; reconfiguring our taxation system to build a robust middle class; and, reinventing our trade and tariff policies so that we may take advantage of free trade without sacrificing the development of our industries.