It has been reported that deteriorating tax revenues could threaten the achievement of the Philippines’ United Nations (UN) Millennium Development Goals, which are aimed at reducing poverty substantially by 2015.
During a forum at the Asian Institute of Management, Josef Yap, the Philippine Institute for Development Studies’ President, was quoted by the national media as observing that, to meet its goals, the government would have to bridge a funding gap of between 1.1% and 1.8% of GDP, leaving it in need of additional funds to the tune of more than PHP100bn (USD2.1bn) per year.
While the global economic crisis and natural disasters have had an effect on the economy, it is the declining tax revenue collection figures (from a reported 14.3% of GDP in 2006 to 14.1% in 2008, and to 13.5% in the first half of this year) that have arguably done the most damage, and the drop-off is expected by many observers to continue.
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