Dominguez sees no need to sell government properties
Published Apr 17, 2020 12:00 am
By CHINO S. LEYCO
Finance Secretary Carlos G. Dominguez III does not see the need to sell state properties to support the funding requirements for coronavirus disease (COVID- 19) pandemic, citing the national government’s favorable credit ratings.
Finance Secretary Carlos G. Dominguez III
According to Dominguez, the Duterte administration is “doing well with fund raising,” adding they “prioritize borrowing from the least cost and longest term sources without stringent conditionalities.”
Asked if he sees the urgency to comply with President Rodrigo R. Duterte’s pronouncement to sell government properties, Dominguez said “I don’t think so.”
Dominguez, President Duterte’s chief economic manager, explained the national government is currently “in a very good financial position” to address the needs of the country while COVID-19 is wreaking havoc on the economy.
He explained that the recent reforms of the government have resulted in increased revenue collections, higher investment grade credit ratings and improved investor confidence in the country.
Dominguez also added that the national government “spent very wisely” during the Duterte administration.
“Our reputation as a good borrower is very very high. It’s the highest ever that the Philippines achieved by the Filipino people. It’s now ‘BBB+,’ and our next step is to secure an ‘A’ rating,” Dominguez said.
“The president has really done a very good… economically, we are growing and we are in a very good position,” he added.
But Dominguez did not rule out the possibility of selling state properties should funding sources have been depleted.
“Of course the worst possible scenario maybe at some point, we may sell some assets but at this point that’s not yet necessary and frankly I don’t think that it will be necessary,” he pointed out. “I don’t believe that will ever happen.”
Meanwhile, National Treasurer Rosalia de Leon said that there is also not need yet to tap the offshore debt markets through the issuance of COVID-19 Bayanihan Recovery Bonds as proposed by a lawmaker.
“No need,” de Leon told reporters in a mobile phone message when asked if the Treasury plans to tap the global capital markets.
House Deputy Speaker Michael L. Romero said yesterday that the country needs to raise roughly P1 trillion for COVID-19 measures.
Finance Secretary Carlos G. Dominguez III
According to Dominguez, the Duterte administration is “doing well with fund raising,” adding they “prioritize borrowing from the least cost and longest term sources without stringent conditionalities.”
Asked if he sees the urgency to comply with President Rodrigo R. Duterte’s pronouncement to sell government properties, Dominguez said “I don’t think so.”
Dominguez, President Duterte’s chief economic manager, explained the national government is currently “in a very good financial position” to address the needs of the country while COVID-19 is wreaking havoc on the economy.
He explained that the recent reforms of the government have resulted in increased revenue collections, higher investment grade credit ratings and improved investor confidence in the country.
Dominguez also added that the national government “spent very wisely” during the Duterte administration.
“Our reputation as a good borrower is very very high. It’s the highest ever that the Philippines achieved by the Filipino people. It’s now ‘BBB+,’ and our next step is to secure an ‘A’ rating,” Dominguez said.
“The president has really done a very good… economically, we are growing and we are in a very good position,” he added.
But Dominguez did not rule out the possibility of selling state properties should funding sources have been depleted.
“Of course the worst possible scenario maybe at some point, we may sell some assets but at this point that’s not yet necessary and frankly I don’t think that it will be necessary,” he pointed out. “I don’t believe that will ever happen.”
Meanwhile, National Treasurer Rosalia de Leon said that there is also not need yet to tap the offshore debt markets through the issuance of COVID-19 Bayanihan Recovery Bonds as proposed by a lawmaker.
“No need,” de Leon told reporters in a mobile phone message when asked if the Treasury plans to tap the global capital markets.
House Deputy Speaker Michael L. Romero said yesterday that the country needs to raise roughly P1 trillion for COVID-19 measures.