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DOF cites LGU role in economic recovery

Local government units (LGUs) play a vital role in restoring consumer confidence and domestic demand, which are among the key factors in the domestic economy’s recovery, Finance Secretary Carlos G. Dominguez said yesterday.

In his speech during the Bureau of Local Government Finance’s (BLGF) 34th anniversary, done virtually and streamed through the bureau’s Facebook, Dominguez said LGUs played a big part in limiting the coronavirus pandemic’s impact on people’s lives since these have been tapped to “manage health protocols, deliver social amelioration, and protect livelihoods in their localities.”

“We will continue relying on the local governments as we begin the process of economic recovery,” he said.

Dominguez also cited BLGF’s efforts to help LGUs firm up their fiscal management and revenue operations.

Among others, he said real property tax is a big help in ensuring a progressive revenues stream for LGUs.

“The improved financial capabilities of local governments will relieve some of the financial pressure on the national government. Our local governments can also play proactive roles in speeding economic activity in their areas,” he said.

Dominguez said the Department of Finance (DOF), through the BLGF, is also investing in training programs to improve the competencies of local government treasurers and assessors and to professionalize their service.

He also noted the need to improve tax administration and optimize revenue generation both at local and national government levels and to adopt digital technologies for this purpose.

“We should now prepare for inclusive, broad-based growth. The local government units will perform important roles in reviving consumer confidence and domestic demand. They must lead in rebuilding our enterprises and preparing them for the new economy,” he added.*PNA

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