Finance chief Ralph Recto yesterday urged Congress to partner with the Department of Finance (DOF) to work on the swift passage of crucial reforms needed to reduce the country’s deficit and debt levels.
“You already know the drill. None of these crucial measures will come to fruition without your help and backing,” he said in his speech in an economic briefing held before senior staff of legislators as well as representatives from national government agencies.
“I, therefore, call on our friends in Congress to partner with us in securing the immediate passage of these reforms,” he added.
In his remarks, Recto stressed the country must continue to decisively address inflation and further grow its revenue collections to finance economic development and people’s needs.
“Fiscal sustainability can only be achieved if we install a system that guarantees fairer and more efficient tax administration,” he said.
Among the reforms being pushed are Package 3 of the Comprehensive Tax Reform Program or Real Property Valuation Reform, Value Added Tax on Digital Service Providers, Rationalization of the Mining Fiscal Regime, Single-Use Plastic Bags Tax Act, and Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy.
“These reforms will not only finance development but will reduce the deficit and our dependence on debt,” Recto said.
Recto added that DOF is currently improving its proposals and expressed his intent to visit the Senate soon to personally discuss the reforms with senators.
