Government Expressed Confidence in Passing Revenue Measures to Avert Downgrade

The Philippine government expressed confidence that passing four of the eight revenue-generating measures prioritized by President Gloria Macapagal-Arroyo would avert a downgrade by Moody's Investor Service. Finance Secretary Juanita Amatong stated that Congress was cooperating with the government's efforts, and that four of the revenue bills had undergone committee hearings, with two submitted to plenary and one passed on its second reading by the House. The President thanked Senator Ralph Recto and Congressman Jesli Lapus for supporting these measures, which she believed would allow the government to weed out scalawags and non-performers in the revenue agencies and reward those who work hard to shore up tax collection and improve the economy.

Key Takeaways:

• The government is confident that passing four of the eight revenue-generating measures prioritized by President Gloria Macapagal-Arroyo would avert a downgrade by Moody's Investor Service.
• The four revenue bills are: indexation of "sin taxes," lateral attrition, rationalization of fiscal incentives, and the tax amnesty.
• The government believes that passing these measures would show cooperation and unity with Congress and the business community, and would shore up confidence in the economy.
• The adoption of the lateral attrition bill would allow the government to weed out scalawags and non-performers in the revenue agencies and reward those who work hard to shore up tax collection and improve the economy.
• The President thanked Senator Ralph Recto and Congressman Jesli Lapus for supporting these measures, and announced that the lateral attrition measure was passed on the 2nd reading at the House of Representatives at 2:00 this morning.

Statistics:

• Four of the eight revenue-generating measures prioritized by President Gloria Macapagal-Arroyo are expected to be passed in Congress by the end of the year.
• two of the four revenue bills have been submitted to plenary, and the lateral attrition bill was passed on its second reading by the House.
• The government believes that passing these measures would have a positive impact on the economy, and would shore up confidence in the government's ability to implement reforms.

Sources:

• "Government Expressed Confidence in Passing Revenue Measures to Avert Downgrade." Asia Pulse. November 12, 2005.
• "PNA. 12-11 1113."

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