The immediate objective is to contain the deficit, but in the medium term the reduction of evasion must be a lever for growth by allowing tax rates to be lowered; the connection between the two must be made visible to taxpayers. Corrupt dealing between private agents and general government, in some cases encouraged by organized crime, is widespread.
BIS central bankers’ speeches  1  The Philippine microfinance sector is one such success story. Developing innovative product design and delivery channels have proven to be a viable and sustainable model to serve a sector.... previously seen as difficult to serve. RCBC itself has made inroads into microfinance.