Manila may cut taxes

The Philippines may cut taxes as the new government improves collection and narrows the Budget deficit, according to the incoming President, Mr Benigno Aquino, who won the nation's May 10 presidential election according to unofficial tallies.

Mr Aquino, 50, was sticking to a campaign pledge to refrain from raising taxes or imposing new levies, he said in a statement released by his media office in Manila.

Mr Aquino vowed to track down tax evaders and smugglers to boost revenue and rein in a Budget gap that widened to a record 298.5 billion pesos ($9.1 billion) last year, equivalent to 3.9 per cent of gross domestic product. (Bloomberg)