NextGen Day

MANILA – Secretary of the Department of Finance Carlos Dominguez III said Wednesday that the next administration will inherit a slew of President Rodrigo Duterte’s “hard-won” reforms, including several economic liberalization measures that will help fuel the Philippines’ resurgence in the coming years.

Among the initiatives he mentioned are the Duterte administration’s comprehensive tax reform program (CTRP), the flagship “Build, Build, Build” infrastructure upgrade, “sin” tax reform, rice tariffication, a national identity (ID) system, and the Ease of Doing Business (EODB) law.

Dominguez also mentioned the three recent economic liberalization laws passed by Congress, which aim to improve industry competitiveness, generate more employment, increase consumer affordability and quality, and accelerate growth.

These are the revisions to the Retail Trade Liberalization Act (RTLA) that have been passed, as well as the amendments to the Foreign Investments Act (FIA) and the Public Service Act (PSA) that the President is likely to sign into law soon.

“Let me be clear: the Philippine economy is headed for some exciting times ahead. We’ve emerged from a period of economic stagnation and ushered in a period of fast expansion. Our businesses are ready to compete with the world’s greatest. “Our people are eager to work hard to progress,” Dominguez told the Philippine Chamber of Commerce and Industry’s newly inducted officials and members (PCCI).

“For our part, we pledge that President Duterte’s economic team will work tirelessly until the administration’s final hours.” We are convinced that when we leave office, we will have laid the foundation for ongoing and rapid growth. “The next president will inherit a slew of hard-won reforms that will help us resurrect our economy,” he continued.

Dominguez emphasized the importance of the business community’s contributions to the Duterte administration’s tax reform program and other game-changing economic policies, which enabled the country preserve financial resilience in the face of the pandemic-induced catastrophe.

During the preceding 13 Sulong Pilipinas consultative workshops, he notably mentioned the PCCI’s “actionable recommendations” to the government.

PCCI will continue to work closely with the new administration, according to Dominguez, “to guarantee that the proper policies are adopted.”

“We pledge to assist in making the next transition as smooth as possible,” he stated.

“The majority of which lingered on legislative shelves for decades due to a lack of political will to break the customary congressional deadlock,” Dominguez said of Sulong’s top actionable recommendations.

These rules have aided the Philippines’ transformation into one of Asia’s fastest-growing economies, with the country on track to achieve upper-middle-income status by 2020, when the pandemic hit, he said.

“The Covid-19 (coronavirus disease 2019) epidemic momentarily pushed our timeline back. When the healthcare crisis hit, your practical advice helped us build the financial resilience we needed to weather the storm. “Preparation is always the greatest strategy in any conflict or emergency,” he continued.

In response to such concrete recommendations, Dominguez stated that the Duterte government is the first one in Philippine history to pass and implement the most comprehensive tax reform program ever.

After 20 years of non-adjustment, the first CTRP package, the Tax Reform for Acceleration and Inclusion (TRAIN) Law, cut personal income taxes for 99 percent of workers, providing much-needed relief.

The second, the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act was the largest economic stimulus program for enterprises, lowering corporate income taxes (CIT) dramatically and eventually overhauling the fiscal incentives system.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---