Legislators, economists support remaining CTRP packages

The statement cited the economic feats achieved by government in the first semester despite external financial headwinds.

Various economists, as do former Finance Secretaries and legislators, called for the speedy passage of the remaining package of the Comprehensive Tax Reform Program (CTRP), noting the role it plays in helping the country achieve its economic goals.

This was learned from the Department of Finance (DoF) who on Thursday bared their collective support for the prompt passage of the remaining reforms.

“Former (Finance) secretaries and eminent economists…manifested their support through a joint statement signed after a lunch meeting last week with Finance Secretary Carlos Dominguez III, Sen. Pia Cayetano, who chairs the Senate committee on ways and means and Albay Rep. Joey Salceda, who chairs the House committee on ways means,” the DoF said.

“In the joint statement, they stressed that the tax reforms, as well as the proposed amendments to the Public Service Act, the Foreign Investments Act and the Retail Trade Act will help the Duterte administration achieve its twin goals of attaining an A-minus sovereign credit rating in the next few years and reducing poverty incidence from 21 percent in 2015 to 14 percent by 2022,” it added.

The statement cited the economic feats achieved by government in the first semester despite external financial headwinds.

“We commend the implementation of the ‘Build, Build, Build’ program to support inclusive economic growth, the quick measures taken to address elevated inflation last year, and the close coordination with both houses of the Congress that led to the passage of landmark reforms, such as TRAIN (Tax Reform for Acceleration and Inclusion), the additional increase in excise taxes on tobacco, the Rice Tariffication Law, the National ID Law, and the Ease of Doing Business Law, among others,” the group said.

Also, Dominguez said the proposed catch-up plan on government spending as well as the approved national budget for the year will help lift the country’s economic growth, which slowed in the first half this year.

The statement was signed by former Finance Secretaries Cesar Virata, and Senator Alberto Romulo, Margarito Teves, Roberto de Ocampo, Jose Camacho, former Finance Undersecretary Romeo Bernardo, Ateneo professor Cielito Habito, who had served concurrently as the Director-General of the National Economic and Development Authority (NEDA) and Socio-Economic Planning Secretary, Chairman of the Philippine Competition Commission Arsenio Balisacan, former NEDA Director-General Fermin Adriano, former vice-chancellor of the University of the Philippines Los Baños and Action for Economic Reforms coordinator Filomeno Sta. Ana.