NZD 3,000,000 = PHP 115,500,000 (PHP 38.50 per NZD) every single day
That is NZD 2,083.33 (PHP 80,208.21) every second!!!
This is the surplus the government is getting according a report of The Dominion Post last Saturday, 6 November 2004.
The report said that the record surplus is due to the stable economy, low unemployment and rising incomes.
Low unemployment means fewer people take social security benefits aka “dole.”
Rising incomes means more people are pushed to higher tax rates.
Only God knows what the current Labour government will do with this surplus. Other sectors are calling for more health care spending which while other parties are calling for tax cuts.
New Zealand is enjoying a lucky position in today’s world where deficits are common place (Philippines and United States). I hope the succeeding government will not spoil it.
As for the Philippines’ deficit there is always hope however slim…
Filed under: Letters from New Zealand |