Most corrupt budget in history? -- Fmr DOF Usec Magno

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Former Department of Finance Usec Magno called out in a post that the 2025 budget which the Bicam approved (railroaded ?  not having been thoroughly reveiwed by some Senators) to be the most corrupt.   This post guess that:   1.  The dagdag to Ayuda,  and DPWH   2.  Reduction in education and health (embodied in the constitution to be the priority)

Increased DPWH budget and AKAP are ripe for corruption and AKAP will be the kitty for 2025 for election by Senators (P200 million each) and  Congressmen (P80 million each)  Thats a lot of pork.  Whoever thought of this and those who framed this budget must not be reelected and/or the ones impeached.   A wholesale plunder!.   As the good former Usec has called out

Thought time for a change.  A better life.   The family known for the corrupt practices then, the brother and sister have been true to their DNA.   

Still the strongest economy performance in 2023 - DOF secretary Ralph Recto

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5.4% in 2023.  Targeting 6%+  in 2024.  We are on track.  If we compound 6% that can double in 10 years.  We just hope it trickles down to the poor.   And the poor becomes productive and not rely on 4ps and hand outs.  We need every one to shoulder the burden of growth and progress

Less obstacle from those issuing permits and enablers.   Ease of doing business

Interview of ANC Anchor with Incoming DOF Secretary Ben Diokno

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This post finds comfort in the interview of incoming DOF secretary Ben Diokno regarding the new administration plan on how to handle the debt problem, the no PHP problem that incoming administration (where was the data gathered?)

The good former BSP governor said that the fundamentals of the country is good right now.  In his long years with govt service and witnessing one crisis after another, the incoming secretary said that the country's finances are OK (maybe in reference to Sri Lankan problem)  Our international reserves which stand at about $100 billion (P7 trillion)  is sound.  We are not under IMF control, we contribute to IMF rather than receiving aid from it.   This is a good statement to calm our people and investors, and standing with the world financial market.  It is a pity that news anchors and  detractors of the govt make negative

view of our present govt.  

(The hypothesis being that the Jr. Marcos will place RP again in difficult financial problems.  And that PDDU has siphoned off funds of the govt.

Some difficulties too with anchors pretending to know it all even the economic and fiscal issues for which they are not.   (This is not the first time that the good expert has lectured the newshen on finer points of goverrnance.  

The more difficult task is to place PHL in growth trajectory which will generate jobs and taxes.  

KD interview with Ben Diokno

All that the govt BIR has to do is to collect the taxes - sell the estate garnish the subject estate instead of making this a political piece

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If indeed the P20 billion or P200 billion estate taxes on a certain family that is collectible final and executory all that BIR has to do is conduct a sale, garnish the  property so that the govt gets its taxes.  There is no need to make a carnival out of this issue.

Its not the fault of the family not to have paid the taxes if there are legal issues on ownership.  If the BIR is really intent on collecting it shall be collected.  

The parties who have made public outcry of this issue should  have stayed quiet on this if the information is incomplete or  merely parroting an opinion of supposed sagacious persons  

This embarrassing for them, supposed presidentiables if they just jumped into conclusion and made media mileage on a false or incomplete information

We hope BIR collects soon as directed by the President and stop making this as a political issue.   Negativism, or running on a platform based  on hate is not a solid strategy.   

https://www.onenews.ph/articles/duterte-tells-bir-collect-estate-tax

Conversation with idealogue is next to impossible

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Conversing with ideologue, ie those with progressive ideas is next to impossible.  Like the labor groups and jeepney drivers who still want the excise taxes to be removed from fuel prices.  While this will help alleviate the  situation for many of our citizens,  this fails to understand the explanation of the economic managers that this will put the govt finances into more strain, what with high level all ready of P12 trillion of debt.

The  Train law which enacted the excise taxes granted tax exemptions to wage earners of P250,000 annually, quite a huge amount and removal of large tax base for income tax.   And WT

How could they not get it, despite most getting the P6,500 fuel subsidy and P200 ayuda for every family increased to P500.  Take note today the prices of diesel plunged by P12.50 and for gasoline by P5.00

Many still think that the oil firms are responsible for oil price hike.  The oil producers the sheik, OPEC raise oil prices, not oil firms nor the govt.     We need more understanding from our citizens.  

It does not look that reason is at work here but anti thesis if not greed.  

Government caught in a bind on excise taxes and ayuda, better understanding of budget items and sources of funds

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In yesterday's meeting one can sense the difficulty of govt economic managers with regards to the removal of excise tax to mitigate the unrestricted increase in price of oil products. 

1.    It cant let go of the excise tax since under the train law, the tax exemptions of wage earners were increased to P250,000 each.  The loss has to be replaced by excise taxes.

The excise taxes take care of the Build build program including the  salaries of government employees

2.  The government has to be liquid because its debt stock went up to nearly P12 trillion.  Many of the govt deficit spending are financed by both local and foreign borrowings

3.  Many speeches by know it all congressmen and other sages speak of P25B unspent budget ..  These are unspent budget items and they are not funded?   How do we source the  budget items. The budget items and the  source of funds are entirely different animals.   And yet we cry over unrestricted huge govt borrowings?

4.  The P200 per family subsidy/ayuda is looked upon as very small. Truly.  They are merely ayuda.  It is still the wage earners who have to earn for the upkeep of his family.   The mentality that is going around is that the govt is huge pipe where all of the ayuda comes from, forgetting that the  taxpayers like us sweat blood sweat and tears to pay the taxes that  make the govt go around.  And many speak easily of the endless ayuda that has to be funded  by debt

5. This goes hand in hand with the wage increases And all ready many socialist thinking politicians are proposing P500.00 per day living wage increase.   Good luck God bless to us.  We hope that the bulk of businesses can fund this

Dominguez nixes excise taxes removal; proposes P200.00 /month subsidy to each family instead

Why We Should Pay Taxes Inspite of Corruption

Social and political criticisms

                                            


We often say we should not pay taxes because there is corruption.  Taxes do not go to the intended projects:  30 to 50% goes to the boys and to the clans (look at their waiting sheds, school buildings, gymns and even buildings.) named in their honor  (they did not pay for them did they)

               



However Sec Gary Teves former DOF secretary then, in a school program clarified the issues on taxes:

l.  The govt just like any other business, needs revenues to run.  The revenues, mostly local are the income business taxes.  Just pay say l0% over last year, it is good enough for the government.  Mind you it is not the custom duties, but local, internal revenue that support the bulk of govt operations (interesting eh)

2.  The govt is one of the biggest employers in the country.  The govt employees buy a lot of things;  the taxes we pay come back to us in terms of more vibrant market.

3.  It is better to have a govt (that is maybe corrupt) than to have chaos and disorder.

Need we say more