Word: arroyos
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Dates: during 2000-2009
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...Arroyo, who trained as an economist at Georgetown University, declared in her State of the Nation address last month that her priority is to fix the economy "before it finds itself beyond hope of repair and [the Philippines is] doomed to share the fate of failed nations." She has followed up with a broadside of proposed reforms to eliminate the national budget deficit in six years, including eight new tax measures and other initiatives that she estimates will raise an extra $1.8 billion annually. She wants to change the corporate tax code so that amounts owed would be determined...
...Unfortunately for Arroyo, many in the government agree. She needs to pass much of her agenda through Congress, but even her supporters there are arguing that the Philippines needs better tax collection, not more taxes. "The President must rein in the tax terrorists in her Cabinet," says Joker Arroyo (not a relation), a Senator who is usually a key supporter of the President...
...about $460 million in unpaid taxes, interest and penalties. (A spokesman at Tan's Fortune Tobacco didn't return TIME's phone calls seeking comment but his lawyers have consistently denied the charges.) More investigations seem likely. "Businessmen must adopt an attitude of tax acceptance, not tax avoidance," President Arroyo recently lectured. "They must stop trying to outrun the tax collector...
...Parayno has had some success. Tax revenues are 10% higher so far this year than in the same period in 2003. But squeezing a populace that in general doesn't have much money can only get the Arroyo administration so far. Ultimately, Arroyo must kick-start economic growth. Although the country has scored a few successes?the Philippines, like India, has tapped into the global trend for outsourcing and now has some 60,000 people manning call centers?meager investment is holding the economy back. Net foreign direct investment totaled a mere $161 million in 2003, down from $1.7 billion...
...ability to borrow and ultimately making it necessary for the government to beg creditors for new terms. In a worst-case scenario, the consequences could be severe: a weakened currency, stalled investment and higher unemployment. How much time the Philippines has before this happens is hard to determine, but Arroyo's new government clearly needs to act fast, says Agost Benard, an associate director at Standard & Poor's: "There is no room for complacency. If they don't show they can enact reforms, that will be very bad for sentiment...