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Martes, Disyembre 12, 2017

Concepcion foresees TRAIN tax reform to boost Phil. economic growth, more foreign investors

         
   “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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