Finance Secretary Ralph Recto on Monday attributed the country’s sustained economic growth to the government’s fiscal and economic policies.
“The resilience of the Philippine economy, weathering storms and crises throughout the years, is a result of our careful fiscal and economic policies and prudent management of the nation’s resources,” Recto said during the kick-off ceremony of the Department of Finance’s (DOF) 127th anniversary celebration.
Recto urged the DOF employees to break free from conventional thinking and pursue bolder visions and audacious programs to bring about a new Philippines, while ensuring empathy remains at the heart of all of the DOF’s efforts.
“As we begin to see our dreams of genuine economic transformation come to life and witness real improvements in the lives of every Filipino, it will be because of the dedication of each and every one of you in the DOF. The Filipino people will have every one of you to thank for,” he said.
He said among the crucial tasks of the DOF is ensuring effective and efficient revenue generation, resource mobilization, debt management and financial market development to provide a solid foundation for the Philippine economy that is one of the most active and dynamic in the world.
The DOF is celebrating its 127th anniversary on April 24, 2024. Founded in 1897, the department predates the establishment of the Republic of the Philippines and was primarily tasked to finance the revolution, education, and health through progressive taxation.
The DOF now leads in formulating fiscal and economic policies that ensure funding of critical government programs that promote welfare among the Filipino people and accelerate inclusive economic growth.
“For 127 years, the DOF has been funding our nation’s dreams and providing solutions to the challenges that you, yourselves, encounter every day,” Recto said.
Rector invited the DOF staff to take stock of their surroundings, citing their critical role in every infrastructure project, classroom, and hospital facility built by the government.
“For instance, when you witness the birth of new public infrastructure projects—roads, bridges, and trains—that is the fruit of our labor in revenue collection and fiscal planning,” he said.
“With every child marching proudly at graduation, we have secured the financing for the construction of the very public classrooms that nurture their dreams and aspirations,” Recto said.
“Every precious life saved within the walls of our public hospitals is a testament to our concerted efforts to guarantee sufficient funding for improved medical services and facilities,” he said.