VP promises a better administration under a "Binay presidency"
Binay seeks the business sector's support with his proposed platforms.
(SPOT.ph) Vice President Jejomar Binay presented his platforms before members of the country’s largest business group at the 41st Philippine Business Conference on October 26. In the gathering hosted by the Philippine Chamber of Commerce and Industry, Binay wooed traders with plans of reforms, including massive investments in infrastructure and restructuring of the tax system.
According to the Vice President, the last five years was a “period of lost opportunities,” and that the “Aquino administration promised much but, unfortunately, it delivered very little.” Binay pointed out that there has been a steady growth in the GDP of the Philippines, but poverty has worsened, along with backlogs in housing and agriculture.
The presidential aspirant promised essential amendments in the government system, citing three basic approaches: economic dynamism to create more job opportunities, expanded social services, and a change in the structure that hinders the country’s development. “Under a Binay presidency, a massive infrastructure program will be given primary attention, and this is key to tapping the potentials of the national economy,” he said. Binay committed to revise tax rates, as he believes this will restore the working class’ purchasing power. He said it will also lead to an increased demand in the local economy.
Binay vowed that the business community will benefit from the tax reformation. “Corporate tax rates should likewise be reduced to be at par with the rest of the region. This, by far, will serve as the best incentive for investments in our economy. The increased investments should offset the initial losses in revenue with the adjustment of the tax rates,” he said. He also expressed his interest in lifting the Constitution's restrictions on foreigners entering certain economic sectors.
Photo from Inquirer.net