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The government is losing P5 billion annually from leakages arising from the value-added tax (VAT) exemptions for senior citizens and another P100 billion from tax holidays for corporations plus other tax perks given to large firms, according to Finance Undersecretary Antonette Tionko.
Tionko said among the primary goals of the Department of Finance (DOF)’s proposed comprehensive tax reform program is to plug these leakages and correct inequitable fiscal incentives by making the current tax system simpler, fairer and more efficient.

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TOKYO—The Philippines and Japan have formalized several agreements that would help the former improve its maritime safety capability, including a deal for a 16.5 billion yen concessional loan covered by Tokyo’s Official Development Assistance (ODA) for the acquisition of two large-scale patrol vessels for the Philippine Coast Guard (PCG).