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Friday, October 28, 2005
E-VAT to defuse increasing debt: Davao Norte vice guv
THE country is facing a financial crisis. The national debt is increasing. If the peso weakens against the dollar, the national debt in pesos will likely to rise some more.
Davao del Norte Vice Governor Anthony del Rosario, a former banker, said this when asked for comments on the imposition of the Expanded Value Added Tax (E-VAT) law whose legality was recently validated by the Supreme Court.
"The longer we wait, the debt will continue to grow," warned del Rosario who stressed the need for an immediate action in controlling the national debt.
"If we implement E-VAT, this will increase total revenues as it will somehow ease the debt burden," said del Rosario, who before entering politics had stints with Citibank and Urban Bank.
The government is set to earn from P80 billion to P120 billion from the implementation of the E-VAT that will be used to control budget deficit and put in more money for various government development programs.
According to del Rosario, son of presidential adviser on new government centers and former Davao del Norte governor Rodolfo del Rosario, the government cannot expand if it does not have the necessary resources.
He said the E-VAT is one way of earning revenues so that the Government can amplify its programs and projects.
But the vice governor said that the National Government must also remember to improve its tax-collection deficiency as he noted that inefficient tax-collection is one main problem bugging the efforts of the government to generate more revenues.
For Bisaya stories from Davao. Click here. (October 28, 2005 issue)
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