Fiscal management is the process of properly and effectively managing financial resources of an organization. Resources, may it be scarce or abundant, should be utilized accordingly to the needs of any organization for resources should be preserved for continuous existence and future needs.
Our country in its current financial state is in need of resources in order to propel and boost its economic growth. A healthy and stable economy means a better livable condition to each and every Filipinos. Other countries will tell that our country is lying on a fortune of resources from natural to human resources. I also believe that we have vast resources to be utilized which remain untapped. But much was also put into waste because of poor utilization. As they say, we fail and will continue to fail with our kind of fiscal management.
Much of the country's economic growth depends on our financial capability to provide resources in all our needs.
The policy directions we had at the start of 1990's were intended to induce economic growth but the seeds of incentives and tariff reductions were aborted by a storm of the 1997 Asian financial crisis. But it provided a lesser impact in our economy compared to our Asian neighbors.
I believe that if we want a better condition for Filipinos then every citizen is duty bound to contribute with the rest of other stakeholders and institutions. The unifying effort must be done starting from budget preparations for the fund utilization and to payment and sourcing of revenues for fund generation. I strongly believe that our country needs a comprehensive package of policy directions, a non-partisan and apolitical legislation, administrative measures to enhance tax collection and commitment to good governance to include citizens' active participation.
We also have to take a second look...