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PIA Press Release
2006/10/23

Arroyo lauds people's resilience amidst tax, fiscal reforms

by ES Subong

Iloilo City (23 October) -- President Arroyo lauded the people's resilience amidst the tax and fiscal reforms being implemented by the government. She vowed to reward the people with economic prosperity and direct benefits with the government's increased resources brought about by higher taxes.

The President cited the government's fiscal policies for encouraging more investments and encouraging people to start up their own businesses in the country. She also lauded the banking sector for its responsiveness to the growing demand for capital for new businesses.

She added that with the resources at hand, the government can continue to invest in education, infrastructure, basic services, and other important components of national strength and stability.

She particularly cited the 10 percent increase in the Social Security System (SSS) retirement benefits as a specific dividend that the people would reap from unpopular reforms in taxation.

The SSS increase in the retirement benefits is declared retroactive September 1, 2006.

Arroyo said that better administration of basic services and increased spending for infrastructures will further attract investors.

She appealed to the banking industry and the local business community for greater partnership with the government in making the Philippine economy an economy to reckon with in the competitive world of international commerce. (PIA 6) [top]

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