Home > Business > Economy Higher tax collections expected for second half
08/03/2009 | 10:02 PM

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The Philippine government expects to collect more taxes in the second half of the year, citing brighter economic prospects and agencies’ renewed efforts to meet their financial goals.

This was announced by Finance Secretary Margarito B. Teves during the 105th anniversary of the Bureau of Internal Revenue (BIR), the Philippines’ largest revenue source.

The government “should be able to collect more [taxes] because of improvements in the economy in recent months," Teves told reporters.

While he refused to cite specific figures, Teves said that the government’s main revenue agencies – the BIR and the Bureau of Customs (BOC) – were instructed to generate at least P332.82 billion from July to September and another P324.96 billion from October to December this year.

The economic slowdown during the first half reduced collections, hurting revenue targets of the BIR and the BOC.

During the period, the BIR and the BOC – the government’s largest and second-largest revenue sources – missed targets by P12.813 billion and P20.117 billion respectively.

Both agencies’ inability to meet goals were hampered by the economy which only grew by 0.4 percent, lower than government expectations of 2.5 percent.

With an improving economy in the second half, tax collections would be “boosted," Teves said.

During his remarks, Teves also announced that he was likely delivering his last speech as Finance Secretary since he expects to cede his position to a successor next year, an election year.

“Since this could be my last speech for you, allow me to share with you what I learned to value and tried to apply in all my undertakings. They have helped me to think clearly and keep focused on the most important things that needed to be considered and done," he said.

“If we just persist in doing good in governance, performance, and relationship management, we are likely to see the day when we finally see the BIR as among the best and most efficient revenue agencies in the world," Teves added. - GMANews.TV


Home > Business > Economy Bourse opens trading week with prayer for Corazon Aquino
08/03/2009 | 09:19 PM

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PSE’s PRAYER FOR CORAZON AQUINO

Lord, we thank you for sending us Corazon Cojuangco Aquino, who, by her good deeds and leadership has been your golden champion for truth, freedom, and peace in the Philippines.

As a national treasure, her departure from this world is an immeasurable loss for the country, which has benefited from her services and sacrifices as both commander-in-chief and mother to the nation.

But as Cory Aquino joins You, our maker, she also transforms into an indestructible symbol of democracy for the world; a never-ending beacon of hope and strength for the Filipino people to keep a vigilant watch over freedom; and most importantly, the better-half of an idea or belief, of which Ninoy Aquino is the other half, that the Filipino is worth dying for.

And because ideas never die, our beloved Cory Aquino will never really be far away from us.

With Cory’s death, let us remember our frailty and mortality that we may always live in the ways of Your commandments.

Like her, may we be vigilant and prayerful, that when Your summons come for our departure from this world, we may go forth to meet You, happy with life, and ready to accept and rejoice in everlasting
happiness.

President Cory, may your prayers even beyond this earthly existence protect and guide our stock market and make it a true instrument of national economic development so that it benefits the poorest of the poor for whom your vision of democratic change for the country was, ultimately, intended.

This we pray, in Christ's holy name, Amen. The Philippine Stock Exchange (PSE) opened the trading week with a prayer tribute on both Makati and Pasig trading floors to former President Corazon C. Aquino who died on Saturday after her battle with colon cancer.

Employees and stock brokers on both trading floors offered prayers for the former president before the bourse began trading at 9:30 a.m. on Monday.

PSE President and Chief Executive Officer Francis Lim led the prayer tribute on the Tektite trading floor in Pasig while PSE chief operating officer Roy Rafols headed the prayer ceremony on the Ayala floor in Makati.

“Mrs. Aquino was a symbol of unity and freedom. We at the PSE are grateful to her for keeping the faith in democracy alive. Her leadership of democratic change planted the seeds for a stronger Philippine capital market," Lim said in a statement.

During Mrs. Aquino’s term as President, she enacted significant pieces of legislation such as the Omnibus Investments Code and the Foreign Investments Act which sought to increase investments in the country.

“The PSE community fondly recalls that after she assumed the Presidency in 1986, renewed hope and investor confidence in our stock market immediately returned," Lim said.

After re-opening in the last week of February after the EDSA Revolution, value of transactions consequently increased ten-fold in March 1986 at P100 million from a one month low of P10 million in July 1985.

“After the February 1986 People’s Revolution at EDSA all the way to the close of the year, the stock market sustained its bull momentum from the first day of trading. By the end of 1986, the market’s spectacular recovery was its best performance since the boom in 1976, snapping a decade-long slump," Lim recounted.

The PSE also said there will be no trading on Wednesday as it joins the whole nation in prayer for the burial of the former president.

For its part, Malacañang has declared August 5 a special non-working holiday for the funeral of Mrs. Aquino. - GMANews.TV