James McCormack Fiscal Quotations

There are two things that we're still concerned about. One is the structure of public finances notwithstanding the fiscal performance in 2005 and two is the political outlook and the effect that politics might have on public finance." ()

The delayed e-VAT detracted from the overall credibility of the fiscal reform program, and we will wait until the e-VAT is implemented fully, including the rate increase from 10 percent to 12 percent scheduled for January 2006, before considering its positive effects on government revenues." ()

The good 2005 fiscal performance and 2006 fiscal outlook, together with the more settled political environment, warrant the change in outlook." ()

The entire episode really damaged fiscal policy credibility in the Philippines." ()

These are positive numbers for the Philippines. We have to make sure that the value-added tax increase is implemented and fiscal follow up is done in the medium term to further improve revenue." ()