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EVAT vital to economic stability
By Jennilyne O. Casimiro

SAN FERNANDO CITY, La Union (04 July 2005) -– The Expanded Value-Added Tax (EVAT) has been a move for the government to ease our financial problems as it is seen as the lifeline of our economy, along with the positive outlook in the global market.

According to Sec. Bunye, the President believes that the EVAT is a vital instrument to fix our budget deficits and at the same time, finance basic programs and services intended for the people.

It was projected by the economic managers of the President that the pursuance of the EVAT will raise about P28B revenue for the government and will eventually pave for P145B in 2006.

Malacañang stressed that the EVAT will not only address the ballooning budget deficit, but it will also serve as an alternative source for the government to fund basic needs of the people that include infrastructure improvements and a source to pay the country’s debts.

The issuance of the temporary restraining order (TRO) by the Supreme Court has resulted to negative outlook by the financial analysts and foreign creditors.

But according to Secretary Bunye, the government will fight for the lifting of the TRO, pending the 10-days timeframe for the Supreme Court to file an answer for issuing a TRO.

“The President is firm in her stand and calls for everyone that the EVAT is a vital law for the nation, to address the long time problem of the government in terns of budget,” Sec. Bunye said. (PIA Ilocos)

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