2 weeks Gov’t weighs more taxes to combat COVID MB |Biz
By Siegfrid Alegado and Claire Jiao (Bloomberg) The Philippines is weighing a bevy of new taxes to fund anti-virus economic stimulus — with the risk that these levies could slow activity even further. The economy is expected to contract by the most in at least three decades this year, limiting the government’s ability to marshal fiscal stimulus against the pandemic. Committed to keeping the fiscal deficit at 9% or less of gross domestic product, the government can spend only about another P 180 billion ($3.6 billion) unless it finds new sources of revenue, Finance Secretary Carlos Dominguez has said. ... more