Finance Secretary Margarito Teves, who was in town late last week, admitted that there was a shortfall in revenue collection last year and he blamed this on the unfavorable economic situation worldwide.

At the same time, Teves said that the overall deficit of the country as of May this year is P123 billion, which is still lower than the target for the same period of P148 billion.

Saying that the country is still on track as far as its deficit is concerned, the deficit should not exceed P250 billion for the entire 2009.

Speaking to newsmen before he graced the conference of Region 1 treasurers and assessors at CSI Stadia in Dagupan City, Teves also pointed a finger at Congress for granting incentives to taxpayers and or corporations, which reduced the amount of taxes collected.

The finance chief, formerly a congressman himself, said the finance department also needs the support of Congress for the passage of revenue enhancement measures, i.e., rationalization of fiscal incentives, tax reform measures for self-employed individuals and professionals, and the most controversial one in Region 1, the rationalization of the excise tax on cigarettes and alcohol products.—LM

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