THE PHILIPPINES
Tax Measures Pushed: President Corazon Aquino appealed to the Philippine Congress to pass several pending tax measures to enable the government to comply with performance targets set by the International Monetary Fund, a major creditor. The bills pending before Congress, which is to resume sessions today, are designed to increase revenue collection. An IMF technical team was in the country to review Manila’s economic performance to determine whether fresh credits can be released. Philippine officials say a favorable result would entitle Manila to $400 million from a standby arrangement signed in January and open the way for further new credits.
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