So if the effective interest rate on Philippines government debt goes up, it just takes more of their revenues to service their debts, so these are issues that really do need to be addressed.
More Quotes from James McCormack:
We will wait until taxes are actually implemented, that revenue is being collected. We will look at whether or not the tax rate will increase, but we assume it will.James McCormack
The entire episode really damaged fiscal policy credibility in the Philippines.
James McCormack
The Philippines is one country where politics matter.
James McCormack
This is one of the countries where politics matter and it is central to our assessment. Politics affects economic policy.
James McCormack
We've revised our growth forecast up to 5 percent for this year, based on what we saw in the fourth quarter in terms of consumption. The strength of consumption surprised us somewhat in how robust it was.
James McCormack
These are positive numbers for the Philippines. We have to make sure that the value-added tax increase is implemented and fiscal follow up is done in the medium term to further improve revenue.
James McCormack
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I throw as hard as I can when I think I have to throw as hard as I can.
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A wholesome oblivion of one's neighbours is the beginning of wisdom.
Richard Le Gallienne