A protester holds a replica of a peso ba

MANILA, PHILIPPINES: A protester holds a replica of a peso bank note showing a portrait of Philippines President Gloria Arroyo during a protest in front of the supreme court in Manila, 14 July 2005 as the court review a government's petition to lift a restraining order on the expanded value added tax (EVAT). Arroyo signed into law 24 May a controversial tax measure aimed at nursing the Philippines back to fiscal health increasing corporate income tax from 35 percent to 32 percent giving Arroyo the authority to hike the value added tax (VAT) by two points to 12 percent next year under certain conditions. The law also ends VAT exemptions enjoyed by some industries, such as power, electricity, air and sea transport. AFP PHOTO/TED ALJIBE (Photo credit should read TED ALJIBE/AFP via Getty Images)