DESPITE the "stable" rating the Philippines got from Standard and Poor (S&P), Malacañang admitted Saturday there is a need for government to improve its tax collection efforts.

In an interview over government-run dzRB radio, Deputy presidential spokeswoman Lorelei Fajardo said the Department of Finance (DOF) should work "doubly or triply" hard to collect much-needed taxes.

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"Now that we are working to pump prime projects especially infrastructure, the DOF must work doubly or triply hard," she said.

The Palace official however added that the "stable" outlook is an "inspiration" amid all the challenges the country is facing.

According to Fajardo, the government must "enhance our (tax) collection" because it still faces a big deficit.

On Friday, S&P had hinted its outlook might be upgraded to positive if the government redoubles its efforts to collect more taxes and undertake appropriate spending.

But it said the ratings could also be changed to negative if revenue performance and fiscal balance proves to be a lingering problem owing to unwise policies and/or imprudent spending.

"The message of S&P's affirmation of the Philippines' credit ratings and the stable outlook on the ratings is that the Philippines is relatively resilient to the global financial crisis. The Philippines is still a growth story," said Socioeconomic Planning Secretary Ralph Recto in a statement on Friday. (JMR/Sunnex)