The country has a strong fiscal position and has a very manageable debt situation. Our debt to GDP ratio at the end of 2019 was at its lowest at 39 percent of GDP. The additional NTA requirement necessary to implement the SC ruling is already factored in the 2022 deficit program published in the FY 2022 BESF of 7.5 percent of GDP. The said fiscal program also already took into account the PhP118.8 billion projected revenue reduction from CREATE. We are aiming for a gradual fiscal consolidation program to reduce our budget deficit back to pre-covid levels while still supporting economic growth targets. The Executive is working closely with Congress to pass the remaining packages of the Comprehensive Tax Reform Package (CTRP) comprising several strategies that aim to broaden the overall revenue base and improve collection efficiency in the coming years. Aside from CREATE, CTRP also includes packages 3 and 4 on Land Valuation Reform and Passive Income Tax and Financial Intermediary Tax, respectively. Both have been approved by the Lower House of Congress. It will be noted that the Land Valuation Reform will build up the property tax collections of the LGUs rather than the NG. Moreover, the NG, particularly the DOF-BTr through its risk management and cash management strategies keeps the exposure of the country's financing requirements to external and domestic shocks manageable. These strategies include Treasury Single Account (TSA) so that BTr has at the tip of its fingers, the amount of cash balances of the NGAs and GOCCs it can tap, keeping borrowings to the minimum. Hence, it was able to raise over PhP160.0 billion through cash sweep and interest payment savings to finance Bayanihan 1 and 2. It monitors domestic and international developments to calibrate their borrowing operations and the continuous policy coordination with monetary policy response.