DOF: Proposed CTRP to fund PH Economic Modernization

Posted on Sat, 08/31/2019 - 08:13
Proposed Tax Reforms to Support Economic Modernization

The administration’s comprehensive tax reform program is yet to be passed by Congress. If passed, said the Department of Finance (DOF) chief economist Gil Beltran, the CTRP will provide a reliable income for the country’s plans for modernization.

This is additional revenue of P187.1 billion. The breakdown of the additional income would be P153.8 billion from the Tax Reform for Acceleration and Inclusion (TRAIN) law, P15.7 billion from Republic Act No.11346 for excise taxes on tobacco products, and Package 2 Plus’ contribution of a projected P20 billion. The latter was recently approved by the House of Representatives late this August 2019.

With this advancement, the country may well reach an “A” rating territory in the not so distant future. Accomplishing these reform programs will secure the economy’s fiscal stability and an improvement in way of living for all Filipinos — going from lower- to upper-middle-income country status by next year. Also, it means achieving a greater goal such as addressing the country’s poverty, hoping these would help lower down the incidence to just 14 percent in the next 3 years.

Beltran advises to “stay on course and continue to invest in the right things,” to accomplish its goals.