MANILA - The Philippine economy is still not directly affected my the Israel-Hamas conflict but it must continue to strengthen its dometic economy, according to an official from the National Economic and Development Authority (NEDA).

NEDA Undersecretary Rosemarie Edillon said, during the 2nd SGV Tax Symposium on Wednesday, that the conflict will continue to have minimal impact on the Philippines if it remains contained in the said area.

However, NEDA is still monitoring the potential impact on global fuel prices and in the event that the conflict escalates.

• Fuel prices rise anew on Tuesday

While doing so, the Philippines should also focus on strengthening its domestic economy, according to Edillon.

“Let’s prepare for that so that eventually, when the dust settles, we can go back to that trajectory, while we strengthen the domestic economy, that also makes us attractive as an investment destination,” Edillon said.

Edillon also underscored the importance of government programs to lessen dependence on fossil fuel as one way to ensure resilience to global shocks.

EFFICIENT TAXATION

Meanwhile, Finance Secretary Benjamin Diokno said in a video message that efficient taxation is the key to implement these critical programs.

“With efficient taxation businesses can flourish, the governement can fund critical programs and investments,” Diokno said.

SGV Chairman Wilson Tan also recognized the role of taxes for a sustainable future.

“Sustainability has three pillars: environmental aspect, societal , and governance. We have to strike a balance between these three to enable us to create a better working world.

Edillon said the government is working to improve ease of doing business, logistics, and digitalization to ensure investments will push through.

• Implementing ‘Ease of Doing Business Act’ not so easy after all

RELATED STORY:

Watch more News on iWantTFC