Gov’t responds to business sector key recommendations – DOF

CLARK FREEPORT ZONE, Pampanga — The government has responded to key recommendations of the business sector in developing a progressive national economy that nurtures the people.

“We delivered on the Ease of Doing Business Act intending to streamline government frontline operations, making it easier to apply for and renew business permits and licenses. We have likewise delivered on the recommendation to establish a national ID system, which will allow us to more efficiently deliver social services to our citizens,” Finance Secretary Carlos Dominguez III told Central Luzon stakeholders during the Sulong Pilipinas 2018 Philippine Development Forum in Clark.

The Duterte administration responded to the call of the business sector to reform the tax system when Congress passed the first package of the comprehensive tax reform program.

“Our legislators are currently working on the succeeding packages of this program, and we are hopeful they will consider the long-term benefits to the country of completing this reform at the soonest possible time,” he said.

In terms of improvements in connectivity and upgrade of logistics backbone called for by the business sector, Dominguez cited the Build Build Build program with 75 strategic projects that will provide for strong infrastructure base for sustained high growth.

In fact, he mentioned that infrastructure spending amounted to Php571 billion in the first nine months of 2018, or 7.2 percent above target. This is also 46 percent higher than the same period last year.

“The increased investments in infrastructure are also matched by improved revenues. In the first 10 months of this year, total tax collections of the Bureau of Customs and the Bureau of Internal Revenue amounted to Php2.1 trillion, 16% higher than the same period last year. This is just slightly 3% short of target,” he noted.

In closing, Dominguez expressed hopes that these initiatives will serve as means for spurring business activity and creating more employment opportunities.

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