Gov’t to continue ‘barrage of reforms’ to boost growth

Date Posted : October 18, 2019

Gov’t to continue ‘barrage of reforms’ to boost growth

Date Posted : October 18, 2019

After unleashing a “barrage of reforms” in his first three years in office, President Duterte will continue to pursue game-changing initiatives in the final half of his administration to sustain high and inclusive growth and finally unlock Mindanao’s vast economic potentials, the Department of Finance (DOF) has said.

Finance Undersecretary Gil Beltran said Davao City will be at the forefront of Mindanao’s economic unfolding, playing a leading role in various sectors such as infrastructure development, agri-business, tourism, manufacturing, and transportation and logistics.

“The Philippine economy was about P17.4 trillion in 2018, of which 15.2 percent was contributed by Mindanao. I truly believe that Mindanao can sustain this high growth and be able to contribute more for the country’s development. And I think this is among our marching orders: to unleash and realize the potentials of the Land of Promise,” said Beltran at a business forum in Davao City recently.

Beltran likewise pointed out that over the past five years, the Philippine economy grew by an average 6.4 percent per year, while Mindanao’s average growth was higher at 6.7 percent during the same period.

Among the regions in Mindanao, Davao, the President’s home city, had the highest growth rate at 9.3 percent.

Mindanao, he said, can benefit immensely during this “golden age of economic reforms” under the Duterte administration.

Beltran, the DOF’s chief economist, said that “at no time in our history has there been a barrage of reforms” approved or implemented to bolster the economy.

In 2018 alone, he said these reforms included: 1) the Tax Reform for Acceleration and Inclusion (TRAIN) Law that generates resources for the “Build, Build, Build” and anti-poverty programs; 2) Ease of Doing Business Act to streamline processing of government transactions, permits and licenses; 3) National ID system to facilitate financial transactions and improve the delivery of government programs; 4) rice tariffication law that has started lowering the price of rice and will generate funds to place the rice industry on a more competitive footing; and 5) the Private Property Security Act that will enable micro-, small and medium enterprises (MSMEs) to use other forms of collateral to avail of credit.

Beltran also made special mention of the passage of the Bangsamoro Organic Law, which he hoped “will allow the rest of Mindanao to fly and soar like the Davao eagle.”

“But the Duterte administration is not resting on its laurels. The government will continue to adopt reforms, implement programs to boost economic growth,” Beltran said.

Beltran said among the reforms to be pushed by the Duterte administration in the last half of its term is the proposal to lower the corporate income tax (CIT) and rationalize fiscal incentives, which constitute Package 2 of its comprehensive tax reform program (CTRP).

The Duterte administration will also push the approval of measures that aim to harmonize tax rates in the financial sector, rationalize valuation systems for more equity, and transform agriculture into a key growth driver, he added.

“These reforms will help unlock the proverbial cage, releasing the eagle to fly high and free like the Davao eagle is doing now. Mindanao is an eagle trying to soar, and we hope that in the next flight of the Davao eagle you will bring the Mindanao eagle with you. Let us all work together to make this a reality,” Beltran said.


Date Posted October 18, 2019

More on TaxReform News

Smoking prevalence to go down 17% with higher cigarette tax of P60 →

Date Posted: February 25, 2019

Simulations developed jointly by the Departments of Finance (DOF) and of Health (DOH) along with … Continue reading Smoking prevalence to go down 17% with higher cigarette tax of P60

Econ managers seek closer partnership with Congress on PRRD priority bills →

Date Posted: August 22, 2019

The government’s economic managers have formally called for a closer working relationship with the Senate … Continue reading Econ managers seek closer partnership with Congress on PRRD priority bills


DOF to urge Congress to pass higher tobacco tax rates to further discourage smoking, raise more healthcare funds

Date Posted: April 29, 2019

The Department of Finance (DOF) will “try its best” until the last minute to convince the Congress to impose new “sin” tax rates on tobacco products that will make cigarettes pricey enough to further discourage smoking, especially among teenagers.

Join our mailing list for news and information about tax reform #TaxReformNow
The Department of Finance (DOF) is the government’s steward of sound fiscal policy. It formulates revenue policies that will ensure funding of critical government programs that promote welfare among our people and accelerate economic growth and stability. Read More..

Department of Finance | TaxReform

BSP Complex, Roxas Blvd., 1004 Metro Manila, Philippines
(+632) 8525.0244
Scroll Up