Slower fiscal consolidation hounds Marcos administration

The government may have to contend with slow fiscal consolidation over the next few years amid headwinds and the insistence on no new tax measures that could be inflationary and burdensome to consumers.

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During a hearing of the Senate committee on economic affairs yesterday, Department of Finance Assistant Secretary Neil Cabiles said recent economic developments reflected a slower fiscal consolidation path.

"Considering the domestic and external headwinds, we see that we will have a slower fiscal consolidation path," Cabiles said.

"But this is still within the framework that we intend to go through for the medium term."

Consolidating the country's fiscal health would mean reducing the budget deficit and bringing down debts, both of which are expected to be challenging for the Marcos administration over the course of its term.