Don’t try to deny it. I can feel that I just tickled your vocal cords to hum that old familiar song of our growing up years, “How do you solve a problem like Maria?,” one of the most popular songs in the Sound of Music.
And/or that song from the Julia Roberts-Hugh Grant movie, Notting Hill with an opening phrase “She may be the face I can't forget, A trace of pleasure or regret, May be my treasure or the price I have to pay.”
With due respect and credits to the lyricists, lest I may offend and cross the copyright infringement line, SHE here is actually an acronym. It’s a word formed from the first letters of Social-Health-Economics.
SHE, in short, refers to the most pressing issues the Marcos administration is facing at the moment. Listening intently to his one hour and 14 minutes State of the Nation Address (SONA), I must admit that the President has laid the basics on how his administration will try to solve the problem of SHE.
His first SONA, as I fully agree with the observation of one of my favorite market analysts Jonas Ravelas is a statement of Hope, an aspiration as well as the pathway his government will take to strengthen and rebuild the domestic economy that was basically crippled by the virus.
Now, SHE became HOPE. No need to dwell on the direction as it has been extensively reported. From this corner of the business corridor, I believe Mr. Marcos has laid down the course, provided answers to questions that have been hanging and was lacking during his inaugural address.
Comparably, however, it seems to be a 180-degree turnaround when he said in his inaugural speech that he would not burden the people, which as far as I understood it no new taxes will be imposed but, instead will rally the revenue generating agencies to improve their tax-efficiency performance.
Though he continued to push for better tax administration, the President clearly pointed out the need to widen the tax base as the use of digital transactions has become the norm.
Specifically, he asked the Congress to pass the E-Commerce Law or amendments to the existing law that would require effective regulation of commercial activities done through the internet or electronic means as a protection to consumers.
I definitely welcome this because it means product standards will be adhered to, and safety will be observed as well. Alternatively, however, this may mean that you and me – Lazada and Shoppee enthusiasts – should shoulder the levy.
Since VAT is a consumption tax, which is levied on the sale, barter, and exchange of goods and services, it is ultimately paid for by consumers. As my former colleague Carlos de la Passion would always say: "Let's add to cart, right here, right now."
His desire to bring the wheels of business back on track, pre-pandemic potentials, is not a “delusional target” but “a cheer leading” target as one economic manager puts it, in order to rally both the private sector and more importantly the stakeholders - the people - to support and do their share, no matter how minute, to reach the goal.
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