Government posted Php1.7 B surplus; GMA says the country’s economic team doing its best to manage the inflationary pressures

Miami
September 17, 2008
Story: Government posted Php1.7 B surplus; GMA says the country’s economic team doing its best to manage the inflationary pressures

President Gloria Macapagal-Aroyo is very confident that the Philippines can pass trough with its own economy even if there is a global economic crisis.

“Our team is doing their best on all fronts to manage inflationary pressures, provide the safety nets to those members of our society who are hit hardest by these global developments and deliver the growth that will continue to generate jobs and the tough revenues that we need to fuel our investments in the future,” Arroyo said in her speech in the Philippine Mid-Year Economic briefing held at Makati Shang-rila, Wednesday.

She even emphasize that the economic problem is not only in the Philippines but in other countries as well.

“While the recent economic picture has been challenging, there is also no doubt that thankfully we had the foresight to plan for this day through tough choices to reform our tax system,” the president said.

She added that with the reformed tax system, it gives funds for the projects she has for the poor. According to her, examples of key projects and programs that are in place to alleviate the pain include removing tariffs on petroleum products; providing targeted direct payments for the most poor linked to school attendance and good health practices; food-for-school given to school children in the most food poor communities; to help pay electric bill of indigents; interest-free college loans and scholarships; fuel discounts for public utility vehicles; to convert the engines of jeepneys and trucks to the less costly LPG, CNG or biofuels; microfinancing for the wives and immediate family members and conductors of public utility vehicles; supplemental calamity budget; and income tax exemption from those earning P200,000 a year or below.

The president is also hoping that the country will survive despite of the worst global economic storm.

Meanwhile, Department of Finance Secretary Margarito Teves, announced during the economic forum that the government has posted in a surplus of P1.7 Billion August, amid accelerated public sectors spending. The total revenues amounted to P118.9 Billion with the Bureau of Internal Revenue (BIR) collections for about P78.9 Billion and Bureau of Customs (BoC) collections for about P25.4 Billion.

“For the period of January to August total revenue reached P790.3 Billion which is 8% higher from last year (2007),” Teves said.

Teves even added, “The tax rate by the BIR increased by 12% to P532.1 Billion from a year ago. For BOC armed with hi tech scanner is reporting 25% improvement in their collections which is equals to P167.5 Billion.”

Bagko Sentral ng Pilipinas Governor Amando Tetangco said that they in financial sector will remain committed in key reforms to greater efficiency, greater risk management, broader cap base, and to improve its standards.

Department of Trade and Industry Secretary Peter Favila said that they will encourage more investors to invest in the Philippines, he believed that the Philippines is not that very much affected with the global crisis. “It is an opportunity for us to ensure investors that our country is safe for investments, Favila said.