It collected less than a fifth of the value-added taxes (VAT) it was owed, according to Neeraj Jain of the Asian Development Bank.

据亚洲发展银行的Neeraj Jain说，菲律宾增值税也只征收了不到申报数的1/5。

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Despite a sharp drop in bank loan growth, the growth of industrial value-added did not slow much.

尽管银行贷款增长大幅下降，工业增加值的增长率并没有放缓很多。

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But the process that bank makes loans is only monetary creation. It doesn't create any value-added, but only creates more exchangeable intermediary and increase liquidity of economy.

而贷款的同时产生的存款，是货币的创造，它并没有创造出任何财富，只能是增加了更多交换媒介，使经济更具有流动性。

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The tax hikes include a rise in the value-added tax and a (risk-adjusted) levy on bank profits.

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