Bankrupt Government for Next President

[jjmd3_787]

[SIZE=3]'Bankrupt government for next president' [/SIZE]
By Jess Diaz (The Philippine Star) Updated August 22, 2009 12:00 AM
MANILA, Philippines - President Arroyo’s successor faces a big budgetary problem, as he or she will inherit a practically bankrupt government, newly resigned economic planning secretary Ralph Recto said yesterday.
“Those aspiring to succeed her must explain to the people how they intend to solve this serious fiscal problem,” Recto told reporters in a chance interview.
“It’s easy to promise more jobs, more roads, more school buildings, but how you raise the funds to accomplish all that is the difficult part,” he said.
Recto said the president to be elected in the May 2010 elections will take over a government that is deep in debt and burdened with a budget deficit of more than P200 billion.
“Next year’s interest payments are projected to increase by P85 billion. The funding requirement for the salary standardization is about P75 billion. Billions more will be needed for the increase in the pension of retired military personnel. Where do you get the money for all those additional expenses?” he said.
By salary standardization, the former economic planning chief was referring to a law passed by Congress this year mandating a four-year adjustment in the salaries of the more than one million government personnel.
When the full increase is given, the lowest-paid employee will have received a 50-percent adjustment, while those getting huge salaries and allowances will have received more than 100 percent.
State workers started getting the first installment of the Malacañang-initiated adjustment last month.
Recto said Congress passed the law without an accompanying revenue measure.
He said the money needed for the pay increase and other big-ticket expenses will come from borrowings.
“That is why you have a projected 2010 budget deficit of about P230 billion. That will again add to our growing debt,” he said.
The country’s debt, according to former budget secretary Benjamin Diokno, has increased to P4.3 trillion under President Arroyo from about P2 trillion during the time of ousted President Joseph Estrada.
Recto is the author of the expanded value added tax (EVAT) law as well as the measure adjusting excise taxes on cigarettes and liquor.
He said EVAT has served as cushion against the impact of the global financial crisis.
He said the next president should tap all revenue sources, including cigarettes and liquor or the so-called sin products, as well as telecommunications services.
“But the government must first conserve resources by collapsing agencies that are not needed and saving on expenses. We cannot impose more taxes without resorting to honest-to-goodness austerity measures,” he stressed.
He pointed out that there are a lot of items in the annual budget where tens if not hundreds of billions in savings could be realized.
He suggested that the next administration, in formulating the budget, should start from scratch.
“We have to start from zero, decide which agencies and personnel to keep, how much to spend. The next president must have the political will to do that and collect taxes from everyone, including big business. He must not be hamstrung by political debts,” he said.
There are at least two tax measures pending in the House of Representatives that aim to narrow this year’s budget deficit, which is projected to reach an unprecedented level of P300 billion.
These are the increase in sin taxes and the metering of mobile phone services, including the imposition of a five-centavo tax on text messages.
Quezon Rep. Danilo Suarez, proponent of the measures, has accused Speaker Prospero Nograles of sitting on his proposals.

. . . pero marami pa ring tatakbo

[chua_riwap]

Kayang-kaya ni Brother Mike yan.......:rofl:

[uls]

they only figured that out now?

the Arroyo admin has been borrowing money like there's no tomorrow

[jonski]

Walang problem yan kapag si Eddie Gil ang next president natin

[ghosthunter]

Eddie Gil for 2010 President!

[jjmd3_787]

Eddie Gil for 2010 President!

curious lang ako . . . nasan na kaya si Eddie Gil?

[ghosthunter]

curious lang ako . . . nasan na kaya si Eddie Gil?

http://en.wikipedia.org/wiki/Eddie_Gil

[chua_riwap]

curious lang ako . . . nasan na kaya si Eddie Gil?

Pinagpahinga muna na ni Nikki.

[testament11]

wala nang katapusan ang utang natin. mga sperm cells ko, may utang agad pag nakahanap ng makakatagpo niyang egg cell

[jjmd3_787]

[SIZE=2]From Wikipedia, the free encyclopedia[/SIZE]
Eddie Gil is currently working as a recording artist and actor which is why many people believe that his only motive for contesting the Philippines' 2004 elections was to become widely known.

... hindi motive ang tawag dun kundi insanity. he he he. bakit hindi sila gumawa ng duet song ni
Claire dela Fuente? pareho silang may kuling-kuling

[donbuggy]

wala nang katapusan ang utang natin. mga sperm cells ko, may utang agad pag nakahanap ng makakatagpo niyang egg cell

A piece of advice to the young uns: Go overseas to work while you're still single. Save. Enjoy. Settle down. Get married. Choose a country that's good for raising a child.

[MaxAJ]

A piece of advice to the young uns: Go overseas to work while you're still single. Save. Enjoy. Settle down. Get married. Choose a country that's good for raising a child.

good advice but that's not helping our Country, so there's a down side too.. but in the name of self preservation - not bad

[testament11]

as much as possible, going out of country for us young pros is good. pero as for myself, dito na muna siguro ako. hanggang may opportunity dito sa pilipinas, walang alisan

[vito corleone]

a big chunk of those borrowed money that came in during pandak's reign went to the arroyos and their cohorts in the form of tongpats when govt projects are implemented. . .yumaman sila, now it's us who has to repay the debt

[CVT]

Mukhang totoo ang prediction na aampunin na lang tayo ng ibang bansa....

Mabulunan sana kayo mga g*h*man!...

8505:bat:

[ans_lim168]

a big chunk of those borrowed money that came in during pandak's reign went to the arroyos and their cohorts in the form of tongpats when govt projects are implemented. . .yumaman sila, now it's us who has to repay the debt

Truly sad indeed.

[OldSchoolHack]

Implement heavy and stiff penalties in taxing revenues.
Magkakapera bagong government to pay the debt of the previous one.

Yung mga crony at bribers e dapat din habulin at bitayin pa tiwarik. The BIR is a big fat graft corrupted agency which badly needs reform. Decades na ang cancer nito.

Maraming tumatago diyan at yumayaman sa kaka iwas, loko at pagsisinungaling sa income nila. Sure they justify this by saying ayoko magbayad dahil ninanakaw lang ng gobyerno e sila naman kaya? Ninanakaw nila sa Bayan ang panloloko nila sa buwis.

Dami nila. Take this big telecom company who has a big branch and declared an income averaging 6,000 pesos an hour in a high traffic mall. Aba binanatayan ko minsan nag bayad ako ng postpaid e almost 60K nakuha kahera nila in 30 minutes kong nag intay ng tanghali. How much more pag gabi na!

Madami yang mga negosyanteng double even triple books of accounts, lagay dito lagay duon para makalusot sa income tax, and even persons who misdeclare para lumiit ang income tax nila.

Kakapal pa sumigaw ng CORY CORY sa Makati as if honest taxpayer mga loko.

Kaya tumagal si pandak kasi madami ding manlolokong mamamayan.

Sorry sa lahat pero...bato bato sa langit ang tinamaan....magbago na.