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Author: Kevin Fletcher Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 20
Book Description
Public sector revenue has declined markedly in the Philippines over the past seven years. Most observers of the Philippine economy agree that rebuilding public sector revenue will be critical to reducing deficits and ensuring public sector debt sustainability. This paper reviews several of the main possibilities for raising public sector revenue, including increases in excise, VAT, and electricity rates. It argues that most of these proposals would raise revenue in a relatively efficient manner. Using household-level expenditure data, it also finds that most of these measures would be progressive, especially if they allow the government to avoid cuts in pro-poor spending.
Author: Kevin Fletcher Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 20
Book Description
Public sector revenue has declined markedly in the Philippines over the past seven years. Most observers of the Philippine economy agree that rebuilding public sector revenue will be critical to reducing deficits and ensuring public sector debt sustainability. This paper reviews several of the main possibilities for raising public sector revenue, including increases in excise, VAT, and electricity rates. It argues that most of these proposals would raise revenue in a relatively efficient manner. Using household-level expenditure data, it also finds that most of these measures would be progressive, especially if they allow the government to avoid cuts in pro-poor spending.
Author: Mr.Takuji Komatsuzaki Publisher: International Monetary Fund ISBN: 151351511X Category : Business & Economics Languages : en Pages : 24
Book Description
This paper explores the macroeconomic effects of improving public infrastructure in the Philippines. After benchmarking the Philippines relative to its neighbors in terms of level of public capital and quality of public infrastructure, and public investment efficiency, it uses model simulations to assess the macroeconomic implications of raising public investment and improving public investment efficiency. The main results are as follows: (i) increasing public infrastructure investment results in sustained gains in output; (ii) the effects of improving public investment efficiency are substantial; and (iii) deficit-financed increases in public investment lead to higher borrowing costs that constrain output increases over time, underscoring the importance of revenue mobilization.
Author: Nigel Andrew Chalk Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 36
Book Description
Since the mid-1980s, the securitization of future flow receivables has grown in importance as a financing alternative for the public sector. In a world of perfect capital markets, there appears to be little rationale-in terms of reducing the average cost of public sector financing-to resort to secured borrowing. However, for many developing countries, financial markets are far from perfect. In particular, there may be an important role for secured financing where increased uncertainty or financial market volatility leads to credit rationing driven by information asymmetries. Secured financing, however, does not provide a free lunch. Such arrangements subordinate existing and future creditors and, as a result, may raise the cost of future borrowing. In addition, high transaction costs, the thin market in secured instruments, the risk of legal challenges, and reduced budget and debt management flexibility may offset the cost advantage of public sector securitization.
Author: Shantayanan Devarajan Publisher: ISBN: Category : Languages : en Pages :
Book Description
November 1995 In the Philippines, the combined effect of taxation and spending policies is progressive, because the incidence pattern of spending is progressive while that of taxation is neutral. Indirect taxes, the main source of government revenue, are only slightly regressive. Although the poor consume taxed goods such as energy directly, the rich consume them indirectly by purchasing goods whose production requires energy and other taxed goods. Incidence studies of fiscal policy in developing countries typically examine either the distribution of tax burdens or the incidence of public expenditures. But the central issue for policymakers is the combined or net incidence of fiscal activities. Even if a tax is regressive, the impact of increasing it may not be, if the revenue raised is spent in a progressive manner. But even if the beneficiaries of public spending are the poor, the net effect may not be pro-poor, if the spending is financed by a highly regressive tax. One reason that combined incidence studies are so rare: they require detailed data on both taxation and public spending. Most analysts consider themselves lucky if they have data on either. Devarajan and Hossain show that the net incidence of fiscal policy in a country with average data -- the Philippines -- can be estimated using a variety of data sources and tools, using simplifying assumptions. For 20 years, the Philippine economy has experienced a series of balance of payments crises triggered by fiscal crises. It has had an unsatisfactory record of poverty alleviation. As the government tries to maintain fiscal discipline by raising taxes and cutting spending, how will poverty be affected? Devarajan and Hossain examine net fiscal incidence to find out. Their findings: * The incidence pattern of taxes is basically neutral. Contrary to expectations, indirect taxes are only slightly regressive. The poor consume taxed goods such as energy directly, but the rich consume them indirectly by purchasing goods the production of which requires energy and other taxed goods. * It is the pattern of expenditures that drives the combined incidence, which is progressive. This paper -- a product of the Public Economics Division, Policy Research Department -- is a revised version of Chapter 15 of the World Bank report, The Philippines: An Opening for Sustained Growth.
Author: John Cockburn Publisher: Springer ISBN: 3319031376 Category : Business & Economics Languages : en Pages : 156
Book Description
Public spending on infrastructure plays an important role in promoting economic growth and poverty alleviation. Empirical studies unequivocally show that under-investment in infrastructure limit economic growth. At the same time, numerous other studies have shown that investment in infrastructure can be a highly effective tool in fighting poverty reduction1. In that context, the financing of infrastructure has been a critical element of most economic growth and poverty reduction strategies in developing countries, since the start of this millennium. This book provides a comparative analysis of the aggregate and sectoral implications of higher spending on infrastructure in three very different Asian countries: China, Pakistan, and the Philippines. Particular attention is paid to the role of alternative financing mechanisms for increasing public infrastructure investment, namely distortionary and non-distortionary means of financing. The book will be of interest to scholars and policy-makers concerned with economic growth in developing countries.
Author: Kai Kaiser Publisher: World Bank Publications ISBN: 1464808074 Category : Medical Languages : en Pages : 182
Book Description
Excise taxes on tobacco and alcohol products can be an effective instrument for promoting public health through the curbing of smoking and excessive drinking, while raising significant financing for development priorities. Designed and implement well, excise taxes represent a win-win for public health and finances. While the public policy rationale for excise reforms is strong in both developed and developing countries, realizing reforms in practice often faces significant opposition by the industry and vested interests. Low level, complex and poorly designed excise tax regimes persist. Getting the technical details right, and effectively managing the political economy of reforms, are vital to securing better excise tax outcomes. The Philippines passed in 2012, implemented, and has been results monitoring a successful tobacco and alcohol tax, dubbed Sin Tax. The reform not only greatly increased, simplified and improved the excise tax reform, but also earmarked the significant part of the large ensuring incremental revenues to helping finance Universal Health Care (UHC) for the bottom forty percent of the population. Sin Tax Reform in the Philippines summarizes both the technical and political economy aspects of tobacco and excise tax reforms. The study analyzes issues of rate structure and levels, implementation phasing, and equity impact analysis. The book is intended as a resource for audiences in both the Philippines and other countries wishing to promote successful excise tax reforms to towards between public sector governance, finances and health. For the Philippines, it highlights measures to ensure that the revenue and expenditure measures associated with the reform continue to be delivered, and can be deepened over time. The Philippines experience should prove encouraging and useful for reform champions in other countries advancing similar types of excise tax and development financing/expenditure earmarking for equitable development and public health.
Author: Kevin Fletcher
Author: Kevin Fletcher
Author: 
Author: Mr.Takuji Komatsuzaki
Author: 
Author: 
Author: Nigel Andrew Chalk
Author: Shantayanan Devarajan
Author: John Cockburn
Author: Jeffrey Sachs
Author: Kai Kaiser