During the recent Credit Suisse Asian Investment Conference in Hong Kong, Finance Secretary Carlos G. Dominguez told investors of the administration’s plan to set up the Philippines as an investment-driven and inclusive economy.
Since the Philippines is now free of its debt load, which has prevented previous attempts for economic change, and the country is currently reaping better investment grade status, Dominguez has challenged the audience to “take a closer look” at the country’s potential. The conference had 3,000 international attendees, which included corporate and financial leaders, politicians, and of course, high-net investors.
With foreign investors, the PH economy would be able to “provide more meaningful jobs and enhancing wealth creation”. To make this even more possible, a four-phase comprehensive tax reform program (CTRP) would be implemented. This is to support the government’s high growth yet inclusive economic strategy.
“This is intended to make the tax system fairer, simpler and broader based. The tax reforms by themselves should enhance a more inclusive economic growth by helping lift some six million Filipinos out of poverty.”