Steve Forbes to Aquino: ‘We need you in the US’
MANILA, Philippines – The chairman of the global business magazine Forbes told President Benigno Aquino III that he is needed in the United States, following the high economic growth in the country during his term.
Steve Forbes, also the editor-in-chief of the magazine, could not stop praising Aquino during their 40-minute conversation on Wednesday, October 14, at Solaire Resort in Parañaque City.
Forbes told Aquino thrice that he should go to Washington, DC, and teach them how he led the economic growth of the Philippines.
Aside from the 6% economic growth posted during the Aquino administration, Forbes praised the stability of the Philippine peso, as he said it was not affected by the global crisis.
“That’s why we need you in Washington ... the amazing thing is, by the way, that the debt of the Philippines, has a proportionate GDP (gross domestic product) that has gone down quite dramatically in recent years,” Forbes said.
He then added: “That's something the rest of the world needs, that's why we hope after you leave office, you come to the US and give us some of this belief in the future.”
He may be all praises for Aquino but Forbes failed to ask questions on the tax system of the Philippines despite saying earlier it needs to be reformed to sustain economic growth. (READ: Why PH has 2nd highest income tax in ASEAN)
"The secret here is not raising tax rates, but by simplifying it. This encourages more entrepreneurs to do business. Tax reforms are difficult everywhere because it's a source of power. But if the Philippines can do it, you can have a lively economy," the head of Forbes Media earlier told Rappler in an interview with Rappler's CEO and Executive Editor Maria Ressa. (READ: Steve Forbes: PH needs tax reform to sustain economic stability)
Aquino, for his part, has been adamant in saying proposals to lower income tax rates would not benefit the majority, adding the country might risk losing its good credit standing. (READ: Lower income tax rates? Aquino 'not convinced' it's good idea) – Rappler.com