Trade groups slam Noy’s fiscal thrusts 11/03/2011

Trade groups slam Noy’s fiscal thrusts

11/03/2011
The government’s fiscal policy is under fire from business groups particularly its underspending thus far this year and its plans to impose higher taxes on so-called sin products, as trade groups said these policies will contribute to slowing down the economy.

The influential Filipino-Chinese Chamber of Commerce and Industry (FCCCI) expressed strong reservations over the government’s plan to either increase tax rates or impose new taxes on alcohol products.

In a statement, the FCCCI said the government’s revenue goals and programs come at a time when the entire manufacturing sector in the Philippines in on a down cycle and the debt crisis in the country’s major markets gave rise to more uncertainties.

“The manufacturing industry is slowing down as an aftermath of the debt crises in the West and market uncertainties weigh on trade and private consumption. It would be preferable for the government to increase pump-priming efforts to boost the local manufacturing sector,” FCCCI president Tan Ching said..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/business/20111103bus1.html