MANILA, Philippines - Socioeconomic Planning Secretary Aresenio Balisacan says the country's finances will continue to improve even after President Aquino's term with the passage of three laws.
These are the simplified net income tax scheme; a modernized Customs and Tariff Code with stronger anti-smuggling provisions; and rationalization of fiscal incentives.
Balisacan noted that a fourth measure, raising taxes on cigarettes and liquor, went into effect this month.
The country's finances have improved as revenue rises, interest rates fall and after government spent less than budgeted last year. This have all helped reduce deficits and therefore debt.
Baliscan said debt was down to 47.1% of the total economy in the first half of 2012, from 52.4% in 2010. He said it will be down to 43% when President Aquino steps down in 2016. - ANC