PRESIDENT Gloria Macapagal Arroyo told CNBC news that the country’s embarking on a spending spree on vital human and physical infrastructures would soon position the country to an accelerated growth when the world economy rebounds.
She said the country is working without let-up to secure food, fuel, energy, rice self-sufficiency, education and in human and physical infrastructure to accelerate growth, “ the President said.
She said the government’s painful economic reforms in the expanded value added tax (EVAT), allows the country to do that.
EVAT has been heralded as the single biggest act that led to the surge in revenue collection.
Moreover, she said the national attrition law pushed revenue collecting agencies to work doubly hard and the tobacco excise tax according, also greatly contributed to the record breaking tax collections.
The President said that aside from shielding the country from the adverse effects of the global meltdown, the economic reforms have also propped up the image of the Philippines as a very viable investment site. (PIA)
