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Government economic team were in Davao

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Government economic team were in Davao
« on: November 21, 2017, 03:56:58 PM »
Gov't economic team launches RVAT
By Rose Palacio
Davao City (31 August 2005) -- The government economic team were in Davao recently to launch the 1st Leg of the Reformed Value Added Tax Domestic Roadshow

Finance secretary Margarito Teves; Trade and Industry Secretary Peter Favila; Internal Revenue Commissioner Jose Mario Bunag; Energy undersecretary Mel Ocampo; DOF Asec. Gil Beltran; DOF Usec. Noel Bonoan; DTI Usec. Zeny Maglaya; and DA Asec. Doy Salacup tackled Republic Act 9337, known as the Value -Added Tax Reform Law held at the grand ballroom of the Davao City Convention and Trade Center.

Almost 700 participants coming from the business sector, professionals, academe, accountants, gasoline dealers, civic groups, the Davao City Chamber of Commerce and Industry (DCCCI), Davao-Filipino Chinese Chamber of Commerce and Industry, Philippine Institute of Certified Public Accountants (PICPA), bookkeepers, small and medium entrepreneurs (SMEs), attended the RVAT forum and the VAT clinic discussion by forming sectoral groups.

A total of forty two (42) tri-media in Davao attended the press conference as part of a component of government's efforts in reducing fiscal crisis. Some media practitioners requested for a composite team that should be created coming from concerned government agencies for a sustained effort and massive campaign on RVAT salient provisions.

From Davao's 1st leg of a series of RVAT Law Domestic Roadshow nationwide carrying its banner as: "RVAT: Strong Reform, Solid Future", the group will proceed to Cebu City, then Clark Special Economic Zone in Pampangaa and Baguio City to widely spread the information the correct information on RVAT's salient features and discuss specific concerns of SMEs, food and energy.

The 1st RVAT Law Roadshow in Davao was an overwhelming success following a thorough discussion and queries on compliance and the implementing provisions of the new law.

Finance Secretary Teves, in his speech said the RVAT Reform Law, while painful, is still the most equitable way to generate revenue, as well as the least for the poor.

Since it is a consumption tax, those who consume the most, meaning the rich, will pay the most, Teves explained.

A budgetary crisis, on the other hand, would have a more severe impact on both the poor and the business community, since government would have no funds left to spend on social services or infrastructure, he added.

"We recognize that the VAT Reform Law is burdensome, especially in light of the escalating oil prices. Still, this is a bitter pill that we must take if our economy is to recover. We need to prioritize improving our fiscal position if we want to encourage local and international investments, achieve sustainable economic growth, and generate employment and income for our citizens," Secretary Teves said.

The RVAT Roadshow is being spearheaded by the DOF and the Investor Relations Office of the Philippine Government. The VAT information drive will then be cascaded further to the general public through the collaboration of their regional and local offices with local industry organizations and chambers of commerce. (PIA-RBPalacio)

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