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Dominguez Assures Reform Measures
- By The Financial District
- Jul 22, 2021
- 2 min read
Finance Secretary Carlos Dominguez III has assured the next administration that the Duterte presidency will continue to push for reforms and assist it in addressing any possible fiscal and economic risks that the country may face in the post-pandemic era.
He said that with adequate financial resources and several measures already in place to help the country strongly recover from the impact of the COVID-19 pandemic, the Duterte administration will continue to work with Congress in passing laws that aim to further liberalize the economy, institute additional reforms in the tax system, and deepen the Philippines’ capital markets.
On the part of the national government, it will continue its ongoing digital reforms in the revenue agencies to ensure that they match the efficiencies of the best comparable institutions worldwide, Dominguez said.
To ensure the economy’s long-term recovery and attract more foreign investments, Dominguez reiterated his call for Congress to pass the amendments to the Foreign Investments Act (FIA), the Public Service Act (PSA), and the Retail Trade Liberalization Act (RTLA).
“We get nothing from a closed-minded attitude towards foreign investments. With the continued globalization of supply chains, we either liberalize at a quicker pace or risk getting left behind,” said Dominguez during the 7th general membership meeting of the Financial Executives Institute of the Philippines (FINEX) held today via Zoom.
“Our economy should no longer labor under the weight of dead economic orthodoxies. We must open up to the most mutually beneficial arrangements we can get from the rest of the world,” Dominguez added.
He said that to secure the country’s fiscal stability and boost the resilience of the Philippine economy against future economic shocks, Congress should also pass the remaining comprehensive tax reform packages—the Real Property Valuation and Assessment Reform Act or RPVARA (Package 3) and the Passive Income and Financial Intermediaries Taxation Act or PIFITA (Package 4).
Package 3 is designed to broaden the tax base used for property-related taxes of the national and local governments and adopt internationally accepted valuation standards, while Package 4 aims to make passive income and financial intermediary taxes simpler, fairer, and more efficient.
