BAGAC, Bataan: An expert on international fiscal management on Wednesday said the Philippines is taking a progressive approach in handling taxation and fiscal issues.
Richard Parry, head of the Global Relations Division at the Center for Tax Policy & Administration of the Organization for Economic Cooperation & Development (OECD), said this approach has made the Philippines a leader in the field of fiscal management.
“However, there are still some obstacles to meet like in extending information on bank secrecy that it must meet under international standards,” he said at the conclusion of the two-day workshop on fiscal management through transparency and reforms in the ongoing Asia-Pacific Economic Conference.
“Exchange of information is very important,” Parry stressed.
The APEC workshop was held at Hotel de Oriente inside the 400-hectare Las Casas Filipinas de Acuzar, heritage park adjacent to the West Philippines Sea in Bagac, Bataan.
On Thursday and Friday, senior finance officials of 21 APEC-member economies will meet at the same hotel which is a replica of the one built in 1889 in Binondo, Manila.
Parry expressed optimism and pleased on the way the Philippines is engaged in the industrial environment. “I see every sign that it will continue, develop further.”
He cited the importance of transparency for business to flourish. “What is important is for data to be available openly. Transparency is fundamental to growth,” the OECD global fiscal expert said.
OECD is a global think tank which promotes policies that will improve the economic and social well-being of people around the world. It provides a forum in which governments can work together to share experiences and seek solutions to common problems. They work with governments to understand what drives economic, social and environmental.
Parry lauded the province of Bataan and said it is a regional leader in the extensive use of information for promoting fiscal transparency.
“I’m very delighted to hear that Bataan is recognized with awards on fiscal transparency,” Parry said during a press conference in the International Media Center at the Montemar Beach Club in Bagac.