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PIA Press Release
2007/04/12

RP gets favorable rating from WB

by Jemin B. Guillermo

Roxas City (12 April) -- The World Bank (WB) cited the Philippines positive economic growth.

World Bank projected the country's growth to hit 5.6 percent this year and 5.7 percent for 2008 due largely to the recent economic gains, Press Secretary Ignacio Bunye said.

The Philippines, together with four of its neighboring nations most affected by the financial crisis that gripped the region in 1997, namely Korea, Malaysia, Indonesia and Thailand, had all returned to positive growth quite quickly, WB said.

In its East Asia and Pacific economic update, WB said that said countries are now much less vulnerable to capital market and financial crises.

The tough decisions in the implementation of Expanded Value Added Tax (EVAT) Law and the National Attrition Law were among those that primarily move to grow the economy, Sec. Bunye said.

Meanwhile, the Bureau of Internal Revenue (BIR) in Capiz has been stepping up their campaign on tax collections, mapping operations and other collection efficiency measures.

BIR Information Officer Ma. Gracia Balgos said that in order to reach all taxpayers, they conduct series of forum with different taxpayer sectors.

To ensure that the taxes will directly go into the coffers of the government, they are also intensifying its campaign on income tax filing and the Premyo sa Resibo program. (PIA) [top]

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