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Marcos’ government will deliberate on a plan to levy new taxes, according to the Palace.

MANILA, Philippines β€” Malacanang is deferring decisions on the Department of Finance’s (DOF) proposal to impose new and higher tax measures, defer personal income tax reductions, and repeal some tax exemptions in order to raise revenues and settle debts to President-elect Ferdinand “Bongbong” Marcos Jr.’s incoming economic team.

After Finance Secretary Carlos Dominguez III revealed the Department of Finance’s proposed fiscal consolidation and resource mobilization plan on Wednesday, Acting Presidential Spokesperson and Communications Secretary Martin Andanar said this.

The plan’s goal is to “guarantee that the government can continue to successfully manage its rising budget deficit while spending on infrastructure, education, and healthcare expenditures to support economic development and recovery.”

This comes after Marcos nominated his economic team members in a news conference on Thursday.

“The Department of Finance’s suggestions to the incoming Marcos Administration to obtain much-needed government funds include imposing additional taxes, postponing personal income tax reductions, and abolishing several tax exemptions.” In a press statement, Andanar added, “We leave this topic and other ways to mobilize resources, to the wisdom of the President-Economic elect’s Team.”

On June 30, Marcos is set to take office.

Marcos announced the appointment of Benjamin Diokno, the Governor of the Bangko Sentral ng Pilipinas (BSP), as the next Finance Secretary at a press conference on Thursday morning.

Felipe Medalla, a member of the Monetary Board, will complete Diokno’s term.

Alfredo Pascual, the former President of the University of the Philippines (UP), has been designated Trade Secretary.

They will join Arsenio Balisacan, the chairman of the Philippine Competition Commission (PCC), and Marcos’ socioeconomic planning secretary in the next administration’s economic team.

According to data from the Bureau of the Treasury, the Philippines will need to raise PHP249 billion in incremental income every year for the next ten years to pay off the country’s PHP3.2 trillion in incremental debt accrued during the pandemic.

In its fiscal consolidation and resource mobilization plan, the DOF advocated “raising revenues, improving tax administration, and cutting needless spending via fiscal reforms” to raise this amount.

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