Individuals in the Philippines could end up paying higher taxes this year as the government struggles to re-structure its revenue measures in light of the current economic downturn, according to the independent research foundation, IBON.
In a statement released by the independent think tank on January 8, IBON suggest that the Philippine government has failed to implement measures which will raise revenues fast enough to stave off the threat of a recession; an economic situation they predict would have happened despite the onset of a global financial crisis.
The statement, which accuses the government of harboring "distorted spending priorities," goes on to conclude that increasing the tax burden on Filipino citizens is now an unavoidable move for the Arroyo government.
IBON concludes by pointing out that, in their opinion, the government is not addressing the most important sources of deficit pressure (revenues undermined by corruption and liberalization, unproductive debt service, etc.) and stubbornly continues to target a balanced budget at the expense of a heavier tax burden for the Filipino majority.
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