JDV to IMF head: No new Philippines taxes

Speaker Jose de Venecia said Saturday he will formally inform the visiting Managing Director of the International Monetary Fund (IMF) that no new tax measures will be enacted and the Philipppine government must raise the efficiency of its revenue agencies to meet the country’s deficit target.

De Venecia is scheduled to meet with Rodrigo de Rato on Tuesday to discuss recent government successes in implementing tax reform measures.

De Rato, a former economic minister of Spain, is arriving in Manila this week, the first visit to the Philippines by a head of the IMF in more than a decade. De Rato assumed office as the ninth IMF Managing Director on June 7, 2004.

De Venecia said a high-powered economic team from the House of Representatives will join him in the meeting, which de Rato requested to gain "first-hand knowledge of the recent success with
reforms, as well as to discuss how the IMF can be supportive of the Philippines going forward."

Those joining him are the leaders of the Committee on Appropriations, Rep. Edcel Lagman and Rep. Junie Cua, and the chairman of the Committee on Ways and Means, Rep. Exequiel Javier.

The IMF Managing Director is expected to be joined by Reza Baqir, the IMF Resident Representative.

During the meeting, de Venecia will also discuss the proposal to create the Credit Information Bureau under the Securities and Exchange Commission.