Category Archives: Culture

Importance of Taxation

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We Filipinos often disregard the value of tax. We always complain whenever we compute how much tax are deducted in our salaries. So to make you feel better I will give you a small list of Importance of Taxation which I read in our Economics book.

Through tax, citizens can contribute and give their fair-share to the cost and expenses of government in order for the state to:

  1. Raise revenue
    – No government can exist without it, it cannot promote the welfare of the people.
  2. Protect locally produced goods against competition from import by imposing higher custom duties.
  3. Protect new industries by granting tax exemptions.
  4. Regulate property.
  5. Distribute equally the wealth of the nation.

Credits: “Introduction to Economics” by Roman D. Leano, Jr. and Ronald M. Corpuz.

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Meaning of Tax and Taxation

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Taxes

— The enforced proportional contributions from persons and property, level by the state for virtue of its sovereignty for the support of the government and for all public needs. (Meaning according to Cooley)

— The compulsory contributions to support the state.

— Lifeblood of a government.

Taxation

— The supreme power of a sovereign state to impose burdens or charges upon persons, property or property rights for public purpose.

— Power vested upon the legislature for the purpose of raising revenues to finance government expenditures and for the general welfare and protection of its citizens.

— Method of apportioning the cost of government among those who in some measure are privileged to enjoy its benefits and must therefore, bear its burden. (Cooley, Law of Taxation)

 

Origin of Filipino Culture

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The Filipino culture is a summation of indigenous forces and foreign influences that had come to bear upon the people in varying degrees during the last centuries.

  1. Malays – Malays are known for being nice, pleasant and law-abiding by virtue. The Filipinos adapted this very well as their temperament.
  2. Chinese – Filial piety between parents and children, the flexibility to go along with other people of the Filipinos is due to the Chinese influence.
  3. Spanish heritage – Social, political organization and religion was brought into Philippines by Spaniards.
  4. Americans – Democracy, liberty, equality, importance of education as well as political community is a great influence from Americans.
Philippines is rich in culture because of the foreign influences that other countries introduced to Filipinos. Filipinos are flexible and can easily adapt to their environment. Their culture is a proof to that. 🙂

Bangko Sentral ng Pilipinas (Central Bank of the Philippines)

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Bangko Sentral ng Pilipinas or BSP is a government agency that is responsible in implementing policies pertaining to money supply. They uses monetary policies to regulate money through credit and banking system in order to attain monetary stability conducive to economic development. It was established last January 3, 1949.

The objective of Monetary Policy are the following:

  1. To maintain internal and external monetary stability in the Philippines.
  2. To foster monetary, credit and exchange conditions conducive to a balanced and sustainable growth of the economy.

Tools of Monetary Policy

  1. Required Reserves
  2. Rediscounting
  3. Open Market Operations
  4. Selective credit control
  5. Moral suasion
*The following information is from my economics book entitled “Introduction to Economics (With Land Reform, Taxation and Cooperatives) written by my professors Roman D. Leano Jr. and Ronald M. Corpuz.