Candidates' take on issues that worry Philippine markets

AQUINO — Aquino has an economics degree but no experience as an economist. He has said he would not impose new taxes or increase tax rates, and simply improve on revenue collection with more serious implementation of existing measures to curb and punish tax cheats and smugglers.

He said he would pursue the rationalization of fiscal incentives given to investors as part of his vision of low tax rates for all.

But analysts are nervous about how exactly he will tackle the revenue shortfall given his little executive or managerial experience and the tough task of cleaning up corruption and red tape at the revenue agencies.

VILLAR — Villar has vowed to be prudent in state spending to cut the budget deficit, now at record levels, and raise revenues. He has said tax collections can be improved by strengthening an existing rewards system to encourage revenue agencies to meet their targets. He also supports the rationalization of fiscal incentives.

ESTRADA — Estrada has not given details on his fiscal program but in his short-lived presidency during the Asian financial crisis, he kept a tight rein on spending to limit the fiscal shortfall.

TEODORO — Teodoro is widely expected to continue the current government's fiscal program, but he has said he will push back by a year to 2014 a goal to balance the budget. He said he would keep the 12 percent sales tax and improve on tax collection efficiency but gave no details on how he would do it.

He said he would favor borrowing more to finance the country's budget deficit if credit conditions were favorable.

How Will You Address Security Issues?

AQUINO — In his website, Aquino said he will pursue a broadly supported peace deal with Muslim rebels that will address decades of neglect. His running mate and the leader of his political party, Senator Manuel Roxas III, opposed a government deal expanding the autonomy for Muslims that led to an escalation of conflict in Mindanao in 2008.

VILLAR — He has said in public debates that poverty is the root of the peace and order problem in the southern Mindanao region. He said state resources must be poured into the region if the government was serious in uplifting the lives of people in Mindano.

ESTRADA — He advocated iron-fisted policies to defeat communist and secessionist rebels during his administration and is expected to assume the same stance when elected.

TEODORO - As a former defense secretary, Teodoro is well placed to tackle the communist and Muslim insurgency issues. Like all the other candidates, he favors holding peace talks to end the insurgencies that have killed more than 160,000 people and displaced 2 million. He has also said the government must invest in increased police and military visibility in Mindanao to eradicate private armies.

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