PIA Press Release
Highlights of President Macapagal-Arroyo's speech at the First International Conference on Integrated Taxation
Negros Oriental Convention Center, October 29, 2007
Our economic strength is largely attributed to the various financial reforms, including strong revenue measures.The single biggest act that led to the surge in the economy was the passage of the Expanded Value Added Tax (EVAT) Law.
Our complete focus on the economy, fiscal discipline, a balanced budget and the need for long overdue human and physical infrastructure improvements help round out economic gains.Our budget deficit so far is significantly lower than the ceiling. We are on track in achieving our target of balancing the budget by 2008, two years ahead of the target 2010.
Our efforts are paying off -- gleaned in the strong peso, low inflation, a robust stock market, more foreign investments and 6 million new jobs. Poverty is at its lowest rate; also unemployment rate is at its lowest.
We have demonstrated that we have the ability to keep our budget under control; we have lowered our deficit and raised unprecedented amounts of revenue.
Faced with challenges in revenue collections during the first half of the year, but we are on track by the second half as shown in the July-September revenue collection.
Steps to address the revenue shortfall---appointment of new BIR Chief, more aggressive campaign against tax evaders and pursuance of corruption cases.
We do not want to go back to unbridled deficit spending.
Our commitment to economic reform has proven effective.
There is no need for new taxes. We have plenty of room to increase revenues by enhancing tax administration. (PIA) [top]