MANILA, June 29 (Xinhuanet) -- The Philippine President Gloria Macapagal-Arroyo is hacking a way to upgrade her second presidencywith a series of reforms to boost the economy and unify the nationas she is preparing for her oath-taking ceremony on Wednesday.

    The newly-elected president said in a latest TV interview that she is pushing a reform in corporate taxation and the Constitutionaiming at increasing government revenue and steming a decline in much needed foreign investment.

    According to her proposed taxation reforms, the corporate taxeswill be levied based on gross revenues rather than net income.

    "Our main problem in revenue generation is corruption. If we simplify the system, there will be fewer loopholes," Arroyo said, citing the tax system in force in Hong Kong as a model.

    With higher revenues, the government will be enabled to improvethe educational system and finance other priority initiatives, shesaid.

    Arroyo is also appealing for support to push for a change in the Philippine Constitution, which currently bars majority foreignequity in strategic sectors such as mining, publishing and media, and shipping to maintain competitive advantages, to inhale more foreign investment.

    The president, assumed the presidency after a bloodless, military-backed popular revolt eased out the elected leader, Joseph Estrada, amid a corruption scandal in January 2001, won thesecond term of six years after Congress proclaimed her victory in the May 10 election over opposition rival Fernando Poe Jr. last week.

    She was urged to undertake fresh new and crucial reforms to control the budget deficit, which recorded 77.4 billion pesos in the first five months of 2004, and the debt burden stood at 56.7 billion dollars as of end-March while reforming the power and financial sectors during her new term for stronger economy and efficient poverty reduction.

    "We can't go on with business as usual," Governor of the central bank Rafael Buenaventura said on Monday.

    He said that it is important to show local and foreign investors that "there is light at the end of the tunnel."

    Apart from revenue-generated reforms, Arroyo also revealed 10 ambitious goals for the next six years, including a decongested Metro Manila, an automated 2007 election and the creation of 6 to 10 million jobs, national budget balance, more popular power and water supply and peace agreements with rebel groups.

    Arroyo said that she and her economic managers would begin formulating the Medium Term Philippine Development Plan based on the 10 outlined goals, in which she had incorporated her earlier six campaign pledges.

    During the campaign, Arroyo promised to create 6 million jobs in six years, reduce costs of power and medicines, triple the loans for small business owners, build more school buildings and provide scholarships to Filipino families, and bring water supply to all communities.

    In her first 100 days in office, the president said that she would continue to reach out to her political opposition and win their help to rebuild the nation following the widely disputed polls.

    "We must move on. That is why I am reaching my hands to those who opposed me during the elections. Let us help one another rebuild our nation," she said.

    The president, who won the vice presidential campaign in the 1998 elections with history-recorded 13 million votes, received morn the 13 million votes in the May 10 elections, showing, as hersupporters said, that her popularity is on the rise during her presidency.

    To extinct the most accusable malpractice in the government-- corruption, Arroyo promised in a post-proclamation statement to run after corrupt public officials and asked the business community to no longer offer bribes in exchange of favors.

    The government is prepared to collaborate with business groups "to build evidence against and prosecute grafters," Arroyo said.

    "We welcome the active involvement of the business sector in the fight against graft and corruption," she said of a fund set uprecently by a business club for the prosecution of crooked government officials, protection of whistleblowers, and lifestyle checks.

    She also emphasized that the government and the private sector must team up "based on principle and earnestness to catch the thieves and change the system." Enditem