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Programs - Plenary 4

Plenary 4: Partnership for Revenue Generation

Time:               02:30-03:15 (45 minutes)

Speakers:         Commissioner Kim S. Jacinto-Henares, BIRBOC

Moderator:     Mr. Antonio S. Abacan

Economists estimate that the budget deficit for 2011 could reach P300 billion, equivalent to 3.5% of GDP.  Weak revenues due to slower economic growth, several revenue-eroding laws and policies, the negative impact of typhoons on tax collection, lackluster privatization of assets, and corruption - have been blamed for the deficit.  Corruption alone, based on estimates by the United Nations, is depriving government more then 10 percent of the country’s GNP.  The last known estimate of tax evasion losses by the Department of Finance based on a 1998-2001 data placed the figures at Php 242 billion as an annual loss.  About Php 65 billion customs revenues are lost to smuggling.  What measures have government started to implement to reduce the gaping budget deficit and what support does it need from the private sector to strengthen its revenue centers and improve tax administration?