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(http://www.inq7.net/brk/2004/jun/30/brkpol_17-1.htm). This is as simple as saying that we are having a crisis.
Economists suggested ways and means on preventing the Philippines in getting into the fiscal crisis. The 11 UP economists proposed new tax and austerity measures that will help the government save for the rainy days. However, I find their data insufficient. First of all, they should have elaborated that the tax collection system in the Philippines is very poor. Customs collections decline from 5.6% of GDP in the mid-1990s to 2.8% in 2002. (Afterthoughts: UP economic report: overdue, selective, not daring enough...
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