Finance Secretary Cesar V. Purisima said there has been a “significant progress” in the
country’s fiscal reform agenda.
"“We have arrested the decline in revenues and managed our expenditures well which put
us one year ahead of our fiscal consolidation program. Our tax compliance campaign is gaining popular support as evidenced by the 44% increase in collections of the Bureau of Internal Revenue on April 15, the last day of filing of income tax returns. This was due to larger taxpayer turnout and greater voluntary compliance from the taxpaying public.” Tax measures that will bring in more than P80 billion annually was also enacted. “These, together with the long maturity profile of Philippine debt, help ensure that the Philippines will be able to honor its international obligations and
should not be compared with Argentina.”"
The Finance Secretary said he expects this year’s consolidated fiscal deficit of the public sector to be below the programmed ceiling of P203 billion, with additional tax revenues arising from the new value-added tax legislation.
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