PGMA fiscal program puts RP in stronger position
Manila (25 June) -- President Gloria Macapagal-Arroyo's adroit fiscal management has been cited for the nation's stronger fiscal position today compared to nine years ago when she inherited an economy on the brink of bankruptcy.
In a news briefing in Malacaņang, Finance Undersecretary Gil Beltran stressed that major tax reforms have boosted revenue collections. These reforms include the imposition of excise tax on liquor, cigarettes, and tobacco, the attrition law and the reformed value added tax law.
These reforms Beltran said resulted in increased revenues for social programs such as vital infrastructures that created more jobs and regained the international financial communities' confidence that resulted in major investments.
Another milestone of the Arroyo administration in fiscal management, he said, was the implementation of administrative reforms such as the RATE (Run After Tax Evaders) program, RATS (Run After Smugglers) program and the RIPS or Program Rest in Peace aimed at running after estate tax evaders.
Other reforms included computerized filing of taxes and computerized tax audit, third part information and Oplan Kandado.
Beltran pointed out that the nation's fiscal position was stronger during the Arroyo administration because of the proactive debt management where the national government debt rate dropped to a manageable level by cutting deficit, debt exchange, debt pre-payment and debt conversion.
Thus, he recommended that it is but prudent for the new administration to raise more taxes to continue with the improvement in infrastructure efforts. (PIA-MMIO) [top]