Grappling with government revenues

IN an interview this week, former Bangko Sentral ng Pilipinas (BSP) deputy governor Diwa Guinigundo cast doubt on the sufficiency of the government's tax collections to fund the government's spending program and keep the fiscal deficit in check. As this disturbing observation comes from one of the country's best economic and fiscal policy minds, the current roster of policymakers should immediately stop what they are doing and carefully consider the implications of Guinigundo's statement.