PHILIPPINE economic managers plan a minimal deficit in 2010 to sustain the growth of the economy amid the global financial crisis.
Ralph Recto, chief of the National Economic and Development Authority (NEDA), said the Development Budget and Coordinating Committee (DBCC) is looking at a deficit of between 0.5 percent and 1 percent by 2010.
“It’s hard to [...]

FILIPINO businesses are seeking greater state intervention in the economy as the global meltdown threatened to claim a growing number of domestic industries.
In its draft 34th Philippine Business Conference Resolutions, a copy of which was furnished reporters, members of the Philippine Chamber of Commerce and Industry (PCCI) have proposed a stronger hand with regard to [...]

SAGAY CITY, Philippines—Senator Mar Roxas on Thursday said he would conduct a Senate inquiry into complaints lodged against the Bureau of Internal Revenue for taxing the produce of sugar cooperatives.
The sugar cooperatives earlier disclosed that the BIR imposed a 12 percent value-added tax (VAT), paid in advance, on the 60 percent of the cooperatives’ total [...]

There is no relief yet for ordinary workers despite the law exempting minimum wage earners from income taxes.
Senators Manuel Roxas II and Francis Escudero lamented that the law was not being enforced because the Bureau of Internal Revenue (BIR) and the Department of Finance (DOF) have not issued the implementing rules and regulations.
Escudero said the [...]