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Friday, September 02, 2005
Teves cites need to improve tax collection
FINANCE Secretary Margarito Teves admitted to the banking sector that the country is in a tough situation although the economy is not doing too bad.
Teves was guest speaker during the recognition of outstanding Countryside Financial Institutions (CFIs) on Monday at the Marco Polo Hotel.
Teves was joined by officers of the Land Bank of the Philippines headed by acting president and chief executive officer Gilda E. Pico.
He said the country's deficit is at P180 billion with a 3.5 percent growth domestic product.
Teves said it is a tough situation too for the collecting agencies that are still short of their targets.
He stressed the need to increase the collection of the Bureau of Internal Revenue and the Bureau of Customs.
He however said that the over performance of the Bureau of Treasury (BOT) has compensated the shortfalls of BIR and Customs.
The government, he said has come up with measures to ensure efficient tax collection.
"When there is resources there will be local infrastructure projects as well as funds for other projects," he said.
Teves also recognized the support of the CFIs in the countryside.
He was even hinting that the CFIs be linked to international financing institutions to undertake projects especially in the countryside.
Meanwhile the finance secretary reminds the government owned and controlled corporation (GOCC) to perform like the private sector and maximize profits.
He said it should undertake projects but with least cost for the government.
The government, he said should not engage in business where it doesn't have the competitive advantage.
"We do not need to go into business when we do not have the advantage," he said.
Teves was in Davao City for the first leg of the domestic road show on Republic Act. No. 9337 or the Reformed Value Added Tax.
For Bisaya stories from Davao. Click here. (September 2, 2005 issue)
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