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DOF underscores consensus-building in crafting tax reform package

The Department of Finance (DOF) said a consensus-building approach has enabled the Duterte administration to refine the tax reform package it has originally submitted to the Congress, taking into account the valuable inputs given by lawmakers and the concerns of would-be affected stakeholders. On behalf of the DOF, Finance Undersecretary Karl Kendrick Chua thanked the Read More

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CTRP ‘cornerstone’ of infra buildup funding

The Duterte administration’s unmatched infrastructure buildup over the next five years will be funded by a combination of resources from its proposed comprehensive tax reform program (CTRP), foreign development aid and commercial loans, according to Finance Secretary Carlos Dominguez III. Dominguez said the first package of the CTRP, which is now pending in the Congress, Read More

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Dominguez says DOF has key role in ‘revolutionary’ PHL economic breakout

Over a century after its inception during the Philippine Revolution, the Department of Finance (DOF) is once more at the center of a “revolutionary situation,” this time entailing the rapid modernization of the country’s infrastructure and the simultaneous overhaul of its tax policies to attain true economic liberation for Filipinos, Secretary Carlos Dominguez III said Read More

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DOF execs in overseas trips highlight PHL bright prospects

Key officials of the Department of Finance (DOF) are attending the annual spring meetings of the World Bank this month in Washington DC to discuss with global investors, credit rating agencies and representatives of other countries the bright economic prospects for the Philippines under the Duterte administration. DOF Undersecretary and chief economist Gil Beltran will Read More

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Taxpayers earning P21,000 monthly and below to pay zero tax under revised CTRP Package One

Call center agents and other employees with a monthly income of P21,000 will be exempted from paying the personal income tax (PIT), generating savings of over P20,000 annually, under the first package of the comprehensive tax reform plan (CTRP) as crafted and filed by the head of the House ways and means committee in close Read More

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Ex-finance chief urges swift passage of tax reform package

Former Finance Secretary Margarito Teves has said that now is the most “conducive time” for the Congress to approve the first phase of the proposed Comprehensive Tax Reform Program (CTRP), given the wide and deep popular support for President Duterte and the country’s strong macroeconomic fundamentals. In expressing anew his support for the CTRP’s first Read More

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Tax reform ‘key link” to PHL breakout from low-growth cycle

The Duterte administration’s proposed comprehensive tax reform program (CTRP) bill now pending in the Congress is the “key link” to the “grand effort” to break out from the cycle of low growth and deliver a dynamic and truly inclusive economy to Filipinos, according to Finance Secretary Carlos Dominguez III. Dominguez said that Malacanang’s plan to Read More

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DOF facing tough task of cutting income taxes, raising more funds for inclusive growth agenda

The Department of Finance (DOF) is facing what seems like an “impossible” job of slashing personal and corporate income taxes to make the country’s rates more competitive in the region on one hand, and raising at least P800 billion more yearly for the Duterte administration’s ambitious public investment program on the other, according to Finance Read More

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Duterte admin to shield next generation of Filipinos from consequence of huge infra gap, says Dominguez

Finance Secretary Carlos Dominguez III said a massive infrastructure buildup, complemented by heavy investments in human capital formation and social protection for the poorest families, is the only way to shield the next generation of Filipinos from economic stagnation and preclude them from suffering the consequence of the huge infrastructure gap and insufficient spending on Read More