“The
impending passage of the Duterte administration’s tax reform bill will boost
investor confidence and Philippine economic development,” said Presidential
Adviser for Entreprebneurship Joey Concepcion today December 12 at Pandesal
Forum of Kamuning Bakery Cafe in Quezon City. He said many businessmen are “very
bullish”, because the tax reform shall raise revenues to finance the country’s
many huge infrastructure projects and social services, thus ensuring the
momentum of fast Philippine economic growth in 2018 and beyond. He pointed out
the December 11 Fitch upgrade of the Philippines’ sovereign credit rating is a
clear indication of the country’s improving international reputation for
investors.
Joey Concepcion
foresees that with the tax reform and other reform policies, the Philippines in
2018 shall experience a boom in tourism, greater influx of foreign investments,
faster implementation of many infrastructures, and more inclusive economic policies
such as stronger government support for micro, small and medium-scale
enterprises (MSMEs).
Concepcion
congratulated President Rody Duterte, his economic managers led by Finance
Secretary Sonny Dominguez and legislators led by Senator Sonny Angara for
working to pass the “Tax Reform for
Acceleration and Inclusion” (TRAIN), which is the first package of the comprehensive tax
reform program (CTRP) envisioned by President Duterte's administration to
correct a number of deficiencies in the tax system to make it simpler, fairer,
and more efficient.
Concepcion
at the Pandesal Forum proposed that the government’s yearly outlay of P60
billion pesos for Conditional Cash Transfer for poor families to be slowly converted
into no-interest loans for the poor and for micro-entrepreneurs, because he
pointed out that micro-entrepreneurs shall be emancipated from dependence and
poverty, and they can employ others. He proposed a gradual shift, like P6
billion pesos a year, not an abrupt total shift.
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