World Bank warns of low tax collection
Posted by akosistella on April 8, 2010
RAISING more revenues is crucial for the Philippines to grow faster like its neighboring countries, the World Bank said on Wednesday.
“[Economic] growth has been very low at 0.9 percent in 2009. And if you factor in our population growth rate, we are in a negative,” Karl Kendrick Chua, World Bank (WB) country economist told reporters during a briefing.
The Philippines’ growth last year was the weakest since 1998.
“I think what is crucial for the government is to implement structure reforms to make that growth higher. If we can do structural reforms, we can enable us to grow faster,” Chua said.
He added that creating a strong revenue base is crucial to ensuring inclusive growth.
“With the additional resources, the government can spend more on growth enhancing items such as education and infrastructure,” Chua said.
via Manila Times.