Aquino to raise revenue, cut spending
Posted by akosistella on May 11, 2010
TARLAC, Philippines – Sen. Benigno “Noynoy” Aquino III, on course to win the Philippine presidential race, said on Tuesday he will work at cutting unnecessary spending in the national budget and increase perennially tax weak revenue.
Aquino, son of democracy icon Corazon “Cory” Aquino, also said he was not in favor of raising the rate of consumption tax, adding the government needs to raise more revenue from taxes already in place.
Raising revenue also entails going after smugglers and tax evaders, he said.
Stocks surge on peaceful polls
MANILA, Philippines – Stocks surged on Tuesday as investors cheered the relatively peaceful local elections, and rally in overseas markets.
But shares of Sen. Manuel “Manny” Villar’s real estate firm, Vista Land and Lifescapes Inc., fell minutes after the presidential contender conceded to Sen. Benigno “Noynoy” Aquino, who was leading in the partial tally of votes.
The benchmark Philippine Stock Exchange index rose 3.85% or 120.87 points to 3,262.93, its best percentage gain since August 24, 2009.
Via ABS-CBN News
MBC lauds Comelec for ‘successful’ elections
MANILA, Philippines – The Makati Business Club (MBC) lauded the Commission on Elections (Comelec) for the conduct of “successful” and “credible” elections that many investors hoped for.
“Despite the apparent lack of preparedness in case the automated system would fail on a large scale, the Comelec laid to rest many fears about automation,” it said in a statement.
Earlier, the MBC, along with other business groups, led calls for a parallel manual count of votes after glitches marred the testing of automated poll machines days before the actual elections.
Via ABS-CBN News
MEANWHILE: Noynoy vows to revive ‘Hello Garci’ probe