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RVAT will have minimal impact on Philippine basic goods

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RVAT will have minimal impact on Philippine basic goods
« on: October 21, 2016, 09:59:13 AM »
RVAT will have minimal impact on basic goods, say economic managers
By Cathy Apelacio

General Santos City (31 January 2006) -- MalacaƱang has assured the people that "more investments, jobs and social services" will come their way once the Reformed Value Added Tax (RVAT) will be fully implemented tomorrow, February 1.

The Palace is certain that the impending two percent hike in the RVAT would further boost the nation's fervor to achieve a more improved economy.

A part of the Arroyo's fiscal and economic reforms, the RVAT, Malacanang said is aimed at improving the country's budget and credit standing.

It is also expected to uplift the people's standard of living by providing them with more jobs and social services especially among the poorest of the poor.

The President's Economic Managers have assured the public that the RVAT would have a "very minimal impact" on the prices of basic goods, oil and petroleum products as well as other services.

With the RVAT implementation, Malacanang has ordered the Department of Trade and Industry to relentlessly monitor the prices of commodities. The DTI, on the other hand, vowed that it will "not allow unscrupulous vendors from preying on the public."

Press Secretary and Presidential Spokesperson Ignacio R. Bunye, is full of confidence that the two percent VAT, in addition to the existing 10 percent, would be supported by the business community and the ordinary Filipinos, in general.

"We have already proven that we can bite the bullet for the sake of the economy and the whole world is looking upon us to fully implement our fiscal and economic reform," Bunye said.
The Press Secretary also believed that with the full implementation of the RVAT the Philippines will be put in the attention of foreign investors and that it would help boost their confidence on the country's economy.

The implementation of the RVAT, he added will mean "more foreign investments are expected to pour into the country."

Earlier President Gloria Macapagal-Arroyo stressed that the increased revenue collections brought about by the implementation of RVAT would redound to more funds for her pro-poor social services program. (PIA-SarGen)

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