Looking back on 2005, one remembers the financial turmoil the nation was beset with. The average Juan de la Cruz may have read the news reports on the trillions of pesos - or dollars - worth of government debt. There were even estimates on how much one Filipino owes indirectly as a citizen of the country. Credit ratings were downgraded with outlooks, at one point, negative . Two words: Debt Spiral. One word: headache. But what has happened since? Has the government paid off its debts already? How much do we still owe? In 2008, then President Gloria Macapagal Arroyo said that the EVAT was one of her “hard choices" in 2005 but she faced with the need to raise government revenues. The Philippine EVAT was able to raise between P80 billion to P100 billion in revenues annually and Arroyo said that the revenue "saved" the country. Image source: Getty Images through www.independent.co.uk. Statement source: GMA News Network website. Remembering 2005 is not complet
A collection of essays on the economy by a cpa lawyer.