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The Daily Tribune

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Look who’s talking EDITORIAL 10/29/2011

Saturday, October 29, 2011

Look who’s talking

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In slamming those who criticize the Aquino administration for changing the rules of the game, referring to the sudden decision of the Malacañang tenant to charge 20 percent tax on the zero coupon PEACe bonds, Finance Secretary Cesar Purisima insisted that it was not the Noy administration that changed the rules in the middle of the game, but the Code-NGO.

He added it should be the Arroyo administration that should be held accountable for the entire controversy and not the incumbent administration.

He insisted that all government issued papers are subjected to a 20 percent tax and banks should have looked into this as early as 2001, when the bonds were issued.

Purisima was quoted as saying to top officials of investment banks and fund managers that they “should have studied the issue closely before,” stressing that such a tax free bond would not even have gotten to first base in the Aquino administration..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20111029com1.html

1 comment

Jesusa Bernardo said...

bakit nga sa panahon ni gloria dorobo ay hindi kumokak itong si purisima ukol sa peace bonds ng dati niyang amo at ngayon na lamang? itong purisima ahente de WB y de traydor sa phil. interest talaga, oo.

"As Finance chief, surely, Purisima must have been acquainted with the PEACe bonds scam and the required 20 percent tax that should have been levied on the bonds, as that has been written about too many times in the media. No one, but no one heard Purisima saying anything against the tax free PEACe bonds or even moved to tell and remind the investment bankers and fund managers that all government issued papers carry a 20 percent tax and that the Code-NGO has changed the rules of the game at that time.

"After all, it should have been easy enough for him to do that, given the fact that he was with the group of Dinky Soliman, who was part and parcel of the Code-NGO, and in fact too, her husband, Hector, was a high ranking officer in that PEACe foundation that cornered the tax free, audit free P1.8 million cash bonanza. Why were they never questioned by Purisima on this scam, if he thought then and now that these bonds should have been taxed?"

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