The government must raise an ad-ditional P1 trillion a year to fund public investment that will upgrade the Philippines to a status of high-income economy by 2040, the Department of Finance (DOF) said Tuesday. Within the Association of Southeast Asian Nations (Asean), the Philippine shares such status with Myanmar, Indonesia, Laos and Vietnam. “Our estimate is: to achieve our targets of high-income status and to eradicate poverty, we need to raise investments by P1 trillion every year on top of the P1 trillion that we . Chua noted the Duterte administration must focus on improving tax and customs administration in the next three years to reach the goal. Because the current tax system has built-in inefficiencies,” the DOF official noted.

Source: Manila Times September 20, 2016 17:03 UTC