PH needs new tax measures to lift revenues, says economist
MANILA, PHILIPPINES — The government needs to implement new tax measures to boost the country’s revenues, said Rizal Commercial Banking Corporation chief economist Michael Ricafort.
In a statement, Ricafort explained that intensified tax collections from existing tax laws and more disciplined fiscal spending will “further improve the country’s fiscal performance and help achieve more sustainable debt management for the coming years/generations.”
He added that implementing new tax measures could reduce the government’s debt-to-gross domestic product ratio below the 60% international standards “to help sustain the country’s favorable credit ratings of 1-3 notches above the minimum investment grade.”
According to data released by the Bureau of the Treasury, government revenues dipped by 0.25% to PHP211.9 billion (US$3.89 billion) in February, partly due to a drop in Bureau of Internal Revenue (BIR) collections.
However, government spending was little changed after rising by 0.01% to PHP318.2 billion (US$5.84 billion) in February.
This resulted in a budget gap of PHP106.4 billion (US$1.95 billion) in the second month of this year, 0.54% higher than last year.
The budget deficit as of end-February this year contracted by 53.07% to PHP60.6 billion (US$1.11 billion).
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