DOF Urges Senate to Expedite Approval of the Remaining CTRP Bills
The Department of Finance (DOF) is calling the Senate to swiftly approve the remaining packages under the Corporate Tax Reform Program (CTRP) to support the economic recovery of the Philippines amid COVID-19.
DOF Secretary Carlos G. Dominguez III stated that the remaining bills under CTRP will help attract more foreign direct investments (FDIs), deepen the capital markets, and further make the Philippine tax system fairer, simpler, and more efficient.
He added, “In the remaining period of President [Duterte’s] term, we will rapidly modernize governance, continue our public investments, and pursue market-friendly reforms to achieve a strong economic rebound.”
The remaining bills under CTRP include the amendatory Public Service Act (PSA) and the Foreign Investments Act (FIA).
Dominguez is also pushing for the approval of the Real Property Valuation Reform Act (RPVRA) and the Passive Income and Financial Intermediary Taxation Act (PIFTA) which belong to Package 2 and 3 in CTRP, respectively.
He also mentioned how the approval of the Capital Market Development Act (CMDA) will further deepen the domestic capital markets.
Dominguez noted that such measures will help achieve a “strong economic rebound” from the ongoing COVID-19 pandemic.
At present, PSA, FIA, Packages 2 and 3 of CTRP, AND CDMA are currently pending under the Senate.
Earlier this year, DOF and Malacañang endorsed the Retail Trade Liberalization Act (RTLA) to support economic recovery. The bill passed its third and final reading and is pending in the bicameral conference meeting.
Additionally, Dominguez announced that the government will maintain its spending for the Build Build Build (BBB) infrastructure program at above 5% gross domestic product (GDP). Such spending aims to generate multiplier effects for the economy by providing more jobs and business opportunities.
As one of the strongest instruments in achieving economic recovery in the Philippines, the current administration will also prioritize heavy investments for its young and talented workforce to sustain demand and spark wealth for the economy.