Former defense chief, standing as the administration candidate in May's presidential election, vowed Thursday to expand government revenues and raise annual economic growth to 8 percent if he won. Gilberto “Gibo” Teodoro Jr. told business leaders in Manila he would increase state revenues despite cutting income and corporate taxes. The ruling Lakas party's presidential bet, former Defense rejected suggestions for him to back out of the race for consistently lagging behind in presidential surveys. In the latest presidential survey conducted by Pulse Asia last Jan. 22-26, Teodoro was the choice of only five percent of the respondents. He lagged behind frontrunner Senator Noynoy Aquino with 37 percent support rating; Senator Manny Villar, 35 percent; and former President Joseph Estrada, 12 percent. Despite his poor showing in surveys, Teodoro said he is confident that he can still catch up with Aquino, who is his cousin, Villar and Estrada. In a television interview on ABS-CBN's morning variety show “Umagang Kay Ganda” Friday, Teodoro vowed to continue his campaign despite the odds. “I'm determined to finish this fight, that's my obligation,” he said in the vernacular. A three-term congressman, Teodoro said he agrees with proposals to increase the consumption tax rate to 15 percent from 12 percent as a way of raising revenue, allowing the government to reduce individual income and corporate taxes which are among the highest in the region. The 45-year-old Harvard-educated lawyer said new taxes could be imposed depending on the impact of the dry spell brought about by the El Nino weather phenomenon, which has so far damaged 2.8 billion pesos ($61 million) worth of crops. “What I propose, if need be, that we only increase the base of expanded value added tax,” Teodoro told a forum hosted by the powerful lobby group Makati Business Club. “Secondly, if unavoidable, the rate of consumption tax and other excise and specific taxes particularly on sin products.” Cigarettes and alcoholic beverages are considered sin products. Teodoro said he wants to grow the economy by 8 percent annually and raise per capita income by 68 percent to $3,200 from $1,900 last year by the time his term ends in 2016. He said per capital income should reach $3,800 by 2018.
