by: Sarah Joson
Wednesday, July 29, 2015 |
During his last State of the Nation Address (SONA) yesterday, President Benigno Aquino III identified the achievements and reforms that are believed to have reinforced the Philippine economy through his administration.
The President discussed the various improvements in the country during his term, which included gross domestic product (GDP) growth, finances, competitiveness, investments, the manufacturing sector, labor force, and social services.
Moreover, he pointed out that since the beginning of his term back in 2010, the country has posted an average GDP growth of 6.2 percent, which is the fastest average growth period in 40 years.
Aquino then showed before the members of the Congress the improvement of government-owned and -controlled corporations in the first five years of his administration where it reached P131.86 billion, then compared it to the nine-and-a-half years of the previous administration which posted P84.18 billion.
Another subject he focused on is the sustained tax collections of the Bureau of Internal Revenue (BIR) from 2012-2014. From P778 billion in 2008, tax revenues of the BIR last year reached P1.3 trillion and the amount of tax to be collected this year is expected to reach P1.5 trillion. He noted that it was achieved without imposing new taxes, except for the sin tax reform.
Investment rating from major credit rating agencies was likewise awarded in the country during the Aquino administration.
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