IMF wants next government to hike VAT
Posted by akosistella on May 4, 2010
MANILA, Philippines – The International Monetary Fund (IMF) wants the value-added tax raised to 15 percent and the income tax rate slashed to 21 percent under the next administration, according to Finance Undersecretary Gil Beltran.
Beltran said he learned of the IMF position during the institution’s recent meetings in Washington, which he attended.
Raising VAT from the current 12 percent to 15 percent and cutting the income tax from 30 percent to 21 percent were mainly recommendations of University of the Philippines economists. Finance Secretary Margarito Teves has endorsed the recommendations.
Via Phil. Star
Foreign observers start arriving
MANILA, Philippines – Foreign observers have started arriving for the May 10 elections, with a group from the United States ready to leave within the week for Mindanao, a perennial election hotspot.
Japan is sending 23 people to observe the elections in Metro Manila while an undisclosed number of British observers are also set to arrive before May 10.
“No, they won’t intervene. They will just observe how we will be conducting the polls this time,” a source told The STAR.
Via Phil. Star
PCGG chief: Imelda placed Marcos wealth at $1 trillion
MANILA, Philippines — It’s the kind of fantastic wealth that could run the Philippines for almost 40 years or pay off its foreign debt 18 times.
While dodging criticism for “exploring” a settlement with the family of the late strongman Ferdinand Marcos, Presidential Commission on Good Government (PCGG) Commissioner Ricardo Abcede claimed on Monday that the dictator’s widow Imelda confessed to keeping $1 trillion in an account in New York.
Abcede said this twice in interviews over ABS-CBN’s dzMM radio and ANC on Monday, as he defended his decision to pursue a settlement with the Marcoses to recover some P140 billion in ill-gotten wealth, instead of giving due course to more than 500 court cases against the Marcoses and cronies.
Bro. Mike says he won’t endorse any presidential bet
MANILA, Philippines (1st UPDATE) – El Shaddai leader Mariano “Bro. Mike” Velarde on Monday said he will not endorse a presidential candidate in this year’s elections.
In a press conference at the Commission on Elections (Comelec) where he offered his group’s services to ensure credible polls, Velarde said he will not influence voters, but will instead respect their right to make their own choices.
Velarde responded to a question on whether if he will stand by a previous statement not to endorse a candidate. He was also asked if he would continue not to make public his personal choice prior to an election.
Via ABS-CBN News