Reuters published excerpts for economic plans of the top four presidential candidates in the Philippines.

SENATOR BENIGNO SIMEON “NOYNOY” AQUINO III

“Noynoy” Aquino vowed to go after tax evaders and big smugglers, to collect an additional P150 billion and raise the government’s current 13% tax efficiency rate to 15%. His action plan includes a “zero budgeting” measure to re-examine all major ticket items under the 2010 budget to recover P 280 billion lost to corruption in 2009.

SENATOR MANUEL VILLAR

Manny Villar vowed to plug tax leakages and spend public funds wisely and prudently. Villar hopes to increase the tax-to-GDP ratio to 17 percent but has not given details on how he would raise tax collection. He promised “zero tolerance” of graft and corruption, adding he would pursue smugglers and tax evaders.

FORMER PRESIDENT JOSEPH ESTRADA

Erap Estrada promised not to impose new taxes and raise tax rates and lower consumption taxes, but he did not give any details of his fiscal programme.   He also promised to improve peace and order, and spend more on agriculture and rehabilitation of badly needed infrastructure.

FORMER DEFENCE CHIEF GILBERTO TEODORO

Teodoro said he would avoid imposing new taxes but if such a move was necessary, he favoured raising consumption taxes from the current 12 percent to 15 percent. In exchange for a higher sales tax, he vowed to eventually lower personal income tax rates and simplify tax administration. Hepromised to study an increase in the excise taxes on tobacco and alcohol.

More details in Economic policies of Philippine presidential hopefuls

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