Philippine economy growing

The International Monetary Fund (IMF) predicted last April that the country’s gross domestic product could grow by 5.6 percent which it reduced to 5.5 percent last month during its post program monitoring visit in the Philippines.

According toNEDA Secretary Romulo Neri, the forecast has been viewed as a challenge to meet and surmount, as the country’s yearend growth targets and those of succeeding years remain in track and can be reached.

The Philippine economic agenda is gaining ground and even rallying at high points and the bullish economic indicators speak for themselves said Finance Secretary Margarito Teves.

Budget Secretary Romulo Andaya pointed out that the markets are upbeat, exports are up, investments are pouring in, the dollar reserves are steady and the fiscal program is taking deep root in the growing firmness of the political environment.

Meanwhile, reinforcing the growing Philippine economy is the uptrend collection of the Bureau of Internal Revenue (BIR) here. Last August BIR collected P43,790,758.87 against target of P22,138,000 or an increase of P20,107,758.87 or equivalent to 84.90 percent.

RDO Ursula Equiña explained that the collection efficiency has been attributed to the dedication of her personnel and the support of the taxpayers, the corporations or the business community.

Government agencies remittance on withholding tax on compensation amounted to P1,608,531.17 which contributed to the collection efficiency. The Department of Education – Division of Antique had remitted P5,462,474.35 to BIR which became part of the total tax collection for the period.

Tax collected will return to the people through the Internal Revenue Allotment (IRA) share of the local government units. Funds are utilized for government’s infrastructure projects, like roads, bridges, school buildings, social services and to plug the budget deficit.

The BIR RDO No. 73 ranked 2nd in the top District Office nationwide, for having surpassed revenue targets for 2nd semester of 2005 and 1st semester of 2006.

BIR Antique was given an achievement award by Secretary Jose Mario Buñag in August during the BIR 102nd anniversary celebration in Quezon City, added Equiña. (PIA)