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Marcos Jr. of the Philippines pledges agriculture and tax reform in address to the nation

Manila: Philippine President Ferdinand Marcos Jr. on Monday promised to overhaul his country’s tax system and make it a destination for investment and tourism, as well as a plan to boost production and reduce its heavy import dependence. Promised major agricultural overhaul.

Speaking before Congress in his first State of the Nation address, Marcos, who won the May election in a landslide, said it was important to implement reforms to bring in tourism and investment and maintain the strong growth momentum currently .

He said his administration will implement sound fiscal policy management and is targeting 6.5 to 7.5 per cent of GDP growth this year, he said, warning of challenges in keeping prices stable.

Marcos, the son of the late powerhouse who was ousted from power in a 1986 rebellion, said it was important that the Philippines, a major importer of rice and other commodities, could boost its agricultural production and become more resilient to climate change. .

Among the measures he would introduce was a moratorium on farmers’ loans to allow them to channel resources to improve production.

“It will not burden the farmers with their dues and will enable them to focus on improving agricultural productivity,” he said, calling for “infusion of fresh and fresh blood” and the use of scientific farming by a new breed of farmers. Emphasis on need. Marcos also promised to boost infrastructure in the country of more than 7,000 islands, including improving education, health care and working conditions for doctors and nurses, and modernizing airports.