Over thirteen of the Philippines’ most prominent business groups and joint foreign chambers expressed strong support for key measures in the Duterte administration’s legislative agenda for the 18th Congress ahead of the midterm State-of-the-Nation Address today.
These include the passage of the remaining packages of the Comprehensive Tax Reform Program, which focuses on reforms in the corporate income tax and fiscal incentive system, property valuation and assessment and capital income and financial taxation; and new excise taxes on alcohol, e-cigarettes and vapor (vaping) products.
Other priority measures identified by the groups are the amendments to the Public Service Act, Foreign Investment Act and Retail Trade Act—all aimed to open the domestic economy to more foreign direct investments.
The Department of Finance and the rest of the Economic Development Cluster had earlier identified these bills as among their priorities during their Pre-State of the Nation (Pre-SONA) Forum held at the Philippine International Convention Center in Pasay City on July 1.