MANILA, Philippines -The fiscal deficit would increase beyond the government’s original target for this year, but economic managers said the budget gap would be widened by lower revenues and not increased spending for pump-priming.
THE Philippines is likely to incur a bigger budget deficit for this year than what the government has programmed due to weak revenue collection and high expenditures, the International Monetary Fund (IMF) said Wednesday.
The government will forego roughly P20 billion in potential revenues this year from the full-year implementation of the tax relief law, which increased the personal exemptions of taxpayers and waived the withholding tax on minimum wage earners.
By all accounts the freest democracy in Southeast Asia, the Philippines, ironically, has become less and less transparent in its budget and financial processes.
The National Economic and Development Authority (NEDA) wants the government to postpone the plan to rationalize state agencies to help Filipinos cope with the global financial turmoil.
Twenty foreign-assisted projects have incurred P33.5 billion in cost overruns, Sen. Francis Escudero said yesterday.
PRESIDENT Arroyo has reshuffled the members of her Cabinet, Executive Secretary Eduardo Ermita said yesterday.
MOST of the rich Filipinos evade taxes, and many are members of civil society groups preaching compassion and demanding the rule of law, an official said yesterday.
The government plans to spend 60 percent to 80 percent of its P1.415-trillion budget for the year during the first semester as part of plans to pump-prime the economy, National Economic and Development Authority (NEDA) director-general Ralph Recto said.
The government’s budget deficit could swell to as much as P160 billion in 2009 or two percent of gross domestic product (GDP), Socioeconomic Planning Secretary Ralph Recto said.
How many undersecretaries and assistant secretaries does it take to run a government?
President Arroyo has created the Procurement Transparency Board (PTB) to ensure that all public sector contracts are aboveboard.
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Invoke Article 33 of the ILO constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of Forced Labour and Freedom of Association protocols.
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