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'Misunderstood' law: Arroyo credits E-VAT for Capiz's growth

Philippines | National

'Misunderstood' law: Arroyo credits E-VAT for Capiz's growth

By Ellson Quismorio

House Senior Deputy Speaker and Pampanga 2nd district Rep. Gloria Macapagal-Arroyo (Rep. Arroyo's office)

House Senior Deputy Speaker and former president Gloria Macapagal-Arroyo has credited an unpopular law signed during her administration for the economic growth being enjoyed by the province of Capiz. Arroyo, the incumbent Pampanga 2nd district congresswoman, took part in the kick-off of the celebration of Capiz's 122th founding anniversary last Saturday, April 15. In his welcome remarks, Governor Fredenil Castro, a former House deputy speaker, thanked former president Arroyo for giving Capiz the infrastructure vital to his province’s growth in the 21st century. In turn, at the luncheon attended by special guests and officials of the province, Arroyo informed the gathered crowd that the infrastructure she gave to Capiz was mostly enabled by the passage of her economic reforms, particularly the Expanded Value-Added Tax (E-VAT) Law, which she described as "greatly misunderstood" at that time it was enacted. She claimed that her economic reforms proved to be the foundation of the Philippines’ unprecedented 76 quarters of uninterrupted growth which started during her presidency. Arroyo served as Philippine president from 2001 to 2010. In May 2005 or roughly halfway through her tenure, the former chief executive signed Republic Act (RA) No.9337 or the E-VAT Law. It essentially gave the government the power to increase VAT from 10 percent to 12 percent, causing prices to go up. Aside from this, the corporate income tax rate was also increased from 32 percent to 35 percent.

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Gloria Macapagal Arroyo Capiz E-VAT

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