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Philippines Economic Progress & Future Plans

An overview of Philippines' fiscal achievements & goals up to 2006 including debt reduction, revenue growth, and policy objectives for the future emphasizing improved tax efforts, budget balance, and debt reduction strategies.

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Philippines Economic Progress & Future Plans

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  1. The Philippines: Making Things Happen Mid-Year Economic Briefing 05 September 2006 Fiscal Sector Secretary Gary B. Teves Department of Finance www.iro.ph

  2. Presentation Outline • What have we achieved so far? • What do the numbers tell us? • What’s next on the policy agenda?

  3. I. What Have We Achieved So Far?

  4. Implemented fiscal consolidation program with clear reform targets

  5. II. What Do The Numbers Tell Us?

  6. Continued reduction in NG deficit *Jan-Sep 2006 • CPSD better than programmed • Debt growth slowed down

  7. Fiscal performance on track National Government Revenue Collections January - July 2006 • Jan-Jul 2006 collections higher by 20.0% • Deficit is P34.1 billion lower year-on-year Source: BTr Report

  8. 2006 Financing Requirements 7

  9. What’s Next On The Policy Agenda?

  10. Policy Objectives • Further improve tax and revenue effort • Balance NG budget by end-2008 • Achieve consolidated public sector surplus by end-2008 • Cut NG debt by end-2010

  11. Policy Objectives % • Improve tax and revenue efforts

  12. NG debt cut to 43% of GDP by end-2010 Policy Objectives % of GDP with EVAT and other admin. revenue enhancement measures

  13. Policy Objectives P Billion • Balanced NG budget by end-2008 • with EVAT and other admin. revenue enhancement measures

  14. Policy Objectives • CPSD surplus by end-2008 % of GDP • with EVAT and other admin. revenue enhancement measures

  15. 1 2 Continue communicating benefits Periodic report on the use of proceeds More resources for infra and social services Improve collections 3 4 Policy Directions • Institute transparency in the use of taxes - Starting with E-VAT (A.O. 141)

  16. Policy Directions • Sustain improvements in tax collection • Intensify collection efficiency and governance • BIR and BOC Action Plans to enhance collection efficiency • Lateral Attrition Act • Strengthen governance measures • Run After Tax Evaders (RATE) • Run After The Smugglers (RATS) • Revenue Integrity Protection Service

  17. Policy Directions • Strengthen GOCC performance oversight • Institute performance contracts • Pursue proactive liability management • Increase share of domestic financing • Lengthen maturity profile • Maximize ODA financing • Develop the domestic capital market • Legislative Measures: PERA Bill, Insurance Code, Pre-Need Code • Improve market infrastructure

  18. Policy Directions Increase infrastructure spending (2006-2010) (NG SONA Projects = P184.5B) Capital (In Trillion Pesos) 20% Current 80% Revenues Expenditures

  19. Funding for SONA projects, 2006-2010 SONA Projects P369.0 B (NG share: P184.5 B Balance from: GOCCs, LGUs, GFIs, private sector) Capital Outlay P1.3 Tr Medium-Term Philippine Investment Plan (MTPIP) Projects P928 B

  20. The Philippines: Making Things Happen Mid-Year Economic Briefing 05 September 2006 Fiscal Sector Secretary Gary B.Teves Department of Finance www.iro.ph

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