Across Asia: Philippines

Aquino: No new taxes

Philippine Senator Benigno "Noynoy" Aquino III, the frontrunner in opinion polls ahead of national elections in May, said yesterday he would not impose new taxes or increase tax rates if elected president.

Aquino, in his first address to local business leaders since he declared his candidacy in September, said he would pursue the rationalization of fiscal incentives given to investors as part of efforts to plug revenue leaks and lower the budget deficit.

"We will refrain from imposing new taxes or increasing tax rates," Aquino told a powerful business lobby group.

The Philippines, failing to raise revenues as it spends more to pump prime the economy, is facing a record budget deficit for the second year in a row.

(China Daily 01/22/2010 page11)