{"id":94149,"date":"2017-03-15T20:49:32","date_gmt":"2017-03-16T00:49:32","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=94149"},"modified":"2017-03-15T20:49:32","modified_gmt":"2017-03-16T00:49:32","slug":"dominguez-approval-of-1st-phase-of-tax-reform-proposal-to-protect-phl-from-protectionist-policies","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/03\/15\/dominguez-approval-of-1st-phase-of-tax-reform-proposal-to-protect-phl-from-protectionist-policies\/","title":{"rendered":"Dominguez: Approval of 1st phase of tax reform proposal to protect PHL from protectionist policies"},"content":{"rendered":"
\"\u201cCongressional<\/a>
\u201cCongressional action on the first phase of the DOF-proposed CTRP (Comprehensive Tax Reform Program) would help create a strong buffer that will insulate the country from the surge of protectionism now sweeping across the globe, and thereby keep the economy on its targeted annual expansion of seven percent or better,\u201d Department of Finance (DOF) Secretary Carlos Dominguez III said Wednesday. (Photo: KING RODRIGUEZ\/ Presidential Photo<\/a>)<\/figcaption><\/figure>\n

MANILA\u2014Measures to ensure that the Philippines\u2019 strong domestic growth get further traction, and thus, prevent any impact of protectionist policies globally, will be hampered if lawmakers turn down the proposed tax reform proposal.<\/p>\n

\u201cCongressional action on the first phase of the DOF-proposed CTRP (Comprehensive Tax Reform Program) would help create a strong buffer that will insulate the country from the surge of protectionism now sweeping across the globe, and thereby keep the economy on its targeted annual expansion of seven percent or better,\u201d Department of Finance (DOF) Secretary Carlos Dominguez III said Wednesday.<\/p>\n

This, after the House of Representative\u2019s Ways and Means Committee on Tuesday \u201capproved in principle\u201d the first package of the comprehensive tax reform program (CTRP), which calls for the cut in personal income tax and the hikes in the excise taxes on fuels and vehicles and reduction in the number of groups given value added tax (VAT) exemption.<\/p>\n

Most members of the House\u2019s Ways and Means Committee, led by Quirino Rep. Dakila Carlo Cua, want the approval of the tax reform proposal\u2019s first package as a whole and not just portion of it but stressed the need for a technical working group (TWG) to hear all the proposals and consolidate it before any approval.<\/p>\n

Dominguez said lawmakers\u2019 thumbs up on the CTRP\u2019s first package would help the Duterte government\u2019s economic goals and enable the country to be an upper-middle economy through investment-driven and consumption-led growth and, thus, lower poverty rate to 14 percent from the current 21.6 by 2022.<\/p>\n

He said the Cua-sponsored House Bill 4774, which mirrors DOF\u2019s tax reform proposal, would aid in the Duterte administration\u2019s bid to \u201cmake the country\u2019s tax system more progressive, especially for low- and middle-income earners.\u201d<\/p>\n

He said the measure would also \u201cgenerate sufficient revenues for unmatched higher spending on infrastructure; on education, health and other forms of human capital development; and on social protection for the poorest Filipinos to cushion the initial impact of the proposed adjustments in consumption taxes.\u201d<\/p>\n

He remains hopeful that lawmakers consider the importance of this measure \u201cto set the economy on its irreversible path to high\u2014and inclusive\u2014growth under the Duterte presidency.\u201d<\/p>\n

\u201cPackage One of the CTRP, as contained in HB 4774, is the launching pad for the Duterte administration\u2019s 10-point socioeconomic agenda that aims to transform the Philippines into an upper middle-income economy (like Thailand) by the time the President steps aside in 2022 and into a high-income one (like Malaysia ) in one generation or by 2040,\u201d he added.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u2014Measures to ensure that the Philippines\u2019 strong domestic growth get further traction, and thus, prevent any impact of protectionist policies …<\/p>\n","protected":false},"author":33,"featured_media":91615,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[13825,15050],"class_list":["post-94149","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-carlos-dominguez-iii","tag-comprehensive-tax-reform-program","mauthors-joann-santiago","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/94149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=94149"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/94149\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/91615"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=94149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=94149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=94149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}