FINANCE SECRETARY ROBERTO DE OCAMPO SHARES HIS VISION ON FURTHER DEVELOPING THE PHILIPPINE ECONOMY.
There are two main causes of the low savings rate. First is the Filipinos' cultural habit - We have the propensity to consume, perhaps inherited from the Americans. Secondly, the savings instruments are not so attractive and are not so varied.
The Securities Exchange Commission (SEC) should not only be a police authority with respect to corporations, but also a primemover of the development and modernization of the capital market. Hence, it should work more closely with the Philippine
Stock Exchange (PSE) - where the PSE evolves towards a more self-regulating framework and the SEC oversees its activities. In addition, SEC should also strictly enforce the submission of financial statements.
The tax reform bill is critical to the development of the Philippine economy.There were clear evidences that the bill would be passed by both houses of congress. In the House of Representatives, it was the Speaker himself who sponsored the bill; while in
the Senate, the Chairman of the Ways and Means Committee has been conducting field trips to promote the notion of the tax reform bill.
The bill has also been getting broad support - from the conservative business groups to the cause-oriented groups – because the bill is pro-poor and pro-progress.
The tax reform package has three parts: a) individual and corporate income tax; b) excise tax, particularly on beer and cigarettes. Under this second part, there is now a raging public debate between San Miguel Corporation which favors specific tax and t
he group of Lucio Tan, which prefers the ad valorem tax.
"Source: ASIAMONEY magazine
March 1996 Supplement - The Philippines Back in the Spotlight"
(C)Copyright 1996 Euromoney Publications (Jersey) Ltd."
"Materials used with permission."
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