An Evaluation on the Economic Programs of Aquino Administration

“Kung walang corrupt, walang mahirap”

Mr. Benigno Simeon “Noynoy” Aquino

It has been a year since Mr. Benigno Simeon “Noynoy” Aquino assumed the post of presidency. His encouraging slogan “kung walang corrupt, walang mahirap” simply caught the interest of voters. The president is seen as a man of good intentions and the one who tries to make things right for the country. And now, let’s relate this catchphrase with the economic reforms and economic situation of the Philippines, a year after the he has taken the post.

Forwarding to the economic reforms of the new administration, he started it by cleaning the corrupt agencies. From there, he will start his “daang matuwid (straight path)” towards the success of the country. Mr. Aquino promised to crack down two things; Tax Evasion and Smuggling. In a year term of the new administration, he was able to increase the tax collection without imposing new taxes. Mr. Aquino visualizes a country where taxes are lower and where markets are free to encourage entrepreneurs and enterprises to invest for jobs to be created. The president together with his team wants to make a big leap by shifting the country from being a poor one into a middle class country. 

 

 

As Mr. Aquino once said: “My vision is to transform our country into one where we have lower tax rates enjoyed by all, rather than have some enjoy absolute tax exemptions while we burden the rest of the economy with very high tax rates. I believe that markets are better than government in spotting where the growth opportunities are, and, with universal low tax rates, we will encourage entrepreneurs and enterprises to invest and create jobs in any industry. We will therefore, pursue the rationalization of fiscal incentives early in my administration.”

Hand in hand with customs, the new administration is bound to eradicate the industry of smuggling. With this, any amount going to corruption may be used for government projects and can be used in the betterment of the country.