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Finance Secretary Carlos Dominguez III has voiced optimism that the Congress could pass soon enough the rice tarrification bill now that President Duterte has declared this proposal to liberalize rice imports as an urgent and priority measure to help ease inflation and bring down prices of the food staple by as much as P7 per Read More

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The government is putting in place a slew of financial technology (fintech) tools that will enable micro, small and medium enterprises (MSMEs) to tap the e-commerce market and a wide horizon of other business opportunities, in keeping with the Duterte administration’s goal of economic inclusion, according to Finance Secretary Carlos Dominguez III. Dominguez said that Read More

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Finance Secretary Carlos Dominguez III has sought the support of the country’s eminent economists behind the Duterte administration’s second tax reform package that aims, he said, to improve the corporate tax system in which a small select group of top enterprises enjoy preferential corporate income tax (CIT) rates of just six (6) to 13 percent Read More

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The government gave away about P301 billion in revenues in 2015 alone as a result of tax incentives and other perks granted to only 2,844 firms, according to the Department of Finance (DOF). In contrast, 800,000 other businesses, consisting mostly of micro, small and medium enterprises (MSMEs) pay the corporate income tax (CIT) rate of Read More

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A group of eminent economists has called on the Congress to take “urgent action” in passing into law the Duterte administration’s proposed reforms in the corporate tax system to help fulfill its goal of making Philippine taxation “simpler, fairer and more efficient” and ensure that incentives given to businesses truly benefit the Filipino people. In Read More

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Small and medium enterprises (SMEs) received tax breaks amounting to billions of pesos for the first six months of 2018 alone under the Tax Reform for Acceleration and Inclusion (TRAIN) Act as they are now covered by a higher value-added tax (VAT) threshold and can now choose from two options to be able to pay Read More

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One of the main proponents of the Tax Reform for Acceleration and Inclusion Act (TRAIN) in the Congress has described the law as “skillfully crafted” because it taxes the rich more while providing social mitigation measures to shield the poor from its temporary inflationary impact. Albay Representative Joey Salceda, a senior vice chairperson of the Read More

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The Tax Reform for Acceleration and Inclusion Act (TRAIN) has increased the incomes or spending power of Filipino consumers to more than make up for the moderate rise in inflation that happens in fast-growing economies, according to the Department of Finance (DOF). Finance Assistant Secretary Paola Alvarez said one positive effect of high economic growth Read More

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The Duterte administration’s twin pillars for economic inclusion—the comprehensive tax reform program and massive infrastructure buildup under its “Build, Build, Build” initiative—will “produce a revolution” in the country’s economic development and raise per-capita income to the level of high-middle income economies by 2022, according to Finance Secretary Carlos Dominguez III. Dominguez said the combined effect Read More

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The Duterte administration has carried out a slew of sweeping economic reforms over the past two years that previous political leaderships had failed to do and whose benefits are now being truly felt by the Filipino majority by way of lower poverty and hunger levels, more jobs and livelihood opportunities, and an economy that is Read More