Government measures aimed at reducing poverty like tax and fiscal incentives are not helping the country’s poor, a former Finance secretary said.
“Tax and fiscal incentives give very little benefits accrued to the intended sector,” Jose Isidro Camacho, vice chairman Asia and the Pacific of Credit Suisse told businessmen gathered at the Management Association of the Philippines (MAP) International CEO conference held at the Makati Shangri-La today.
“I am, therefore, generally not very supportive of the use of fiscal or tax incentives to promote solutions to these social challenges,” he added.
According to Camacho, who served as Finance secretary some years back, it is best if the government can use the budget and resources intended for incentives and allocate it for direct intervention.