Image: Reuters Berita 24 English - On Monday, Philippine President Ferdinand Marcos Jr. promised to restructure his nation's tax code,...
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| Image: Reuters |
Berita 24 English - On Monday, Philippine President Ferdinand Marcos Jr. promised to restructure his nation's tax code, attract investment, and promote tourism. He also promised a significant overhaul of the country's agriculture to increase productivity and lessen its dependency on imports.
In his first state of the nation address to Congress, Marcos, who won the May election by a landslide, emphasised the importance of putting reforms into place to attract investment and tourists while preserving the country's present solid growth pace.
He promised to undertake sound fiscal policy management and to aim for 6.5 to 7.5 percent GDP growth this year, but he also foresaw difficulties in maintaining price stability.
The late strongman's son, Ferdinand Marcos, who was overthrown in a coup in 1986, stated it was crucial for the Philippines, a major importer of rice and other goods, to increase its farm productivity and strengthen its resistance to climate change.
A loan moratorium for farmers was one of the policies he would put in place to enable them to focus their resources on increasing productivity.
He stressed the need for a "infusion of fresh and new blood" and the use of scientific farming by a new generation of farmers, saying that it would relieve farmers of their obligations and allow them to concentrate on increasing agricultural output.
In addition, Marcos promised to upgrade the nation's more than 7,000 islands' infrastructure, modernise airports, and improve healthcare, education, and working conditions for medical professionals.
