Philippine Central Bank Chief Says More Taxes May Help Economy

  • Bangko Sentral ng Pilipinas Governor Felipe Medalla on 15 May said imposing more taxes may help the government shield the Southeast Asian nation from economic risks that may lie ahead. He said improved tax administration alone, or better implementation of tax laws and collection, won’t do the job.
  • Medalla noted that before the Covid-19 pandemic, the Philippine economy was growing by an average of 6.5% every year for 15 years and the aim is to replicate that high growth trend.
  • He said that from experience, as both fiscal and monetary policy in the Philippines improve, the economy improves significantly. Thus, he pointed out the need for “burden sharing” between fiscal and monetary policy makers.

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