Aquino says no need to impose new taxes

President Benigno S. Aquino III reiterated anew that his administration is not imposing new taxes but is focusing on how to improve the tax collections of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC).

The Chief Executive made the statement during an ambush interview on Tuesday in Malacanang Palace after he led the ceremonial oath taking of the newly appointed and promoted public officials.

“At this present time, none of my economic managers are indicating that there is such a need,” the President told reporters.

The Chief Executive revealed that the priority of his administration is to improve the tax collection efficiency of the BIR and the BOC.

He also divulged that he tasked his economic managers to study and review the fiscal rationalization plan of the government and the tax incentives already given to multi-national companies in order to improve the tax collections.

Meanwhile, Finance Secretary Cesar V. Purisima lauded the Japan Credit Rating Agency (JCRA) for changing the outlook of the country’s foreign currency and local currency long term “BBB” senior debt ratings to positive from stable.

He said the outpouring of vote of confidence in the Philippines from various credit rating agencies starting from the one-notch upgrade from S&P in November last year, the positive outlook from Moody's in January this year, and now the positive outlook from JCRA has encouraged the Aquino administration to be more persevere in its goal to accelerate economic growth in an environment of better governance and transparency.

Purisima is confident that with the continued support and help from both the public and private institutions, the Philippine economy will be able to sustain its growth momentum, attract more investments and create more jobs for the Filipino people.