On Thursday, April 4, the National Economic Development Authority (NEDA) claimed in a palace briefing that the revised Gross Domestic Product (GDP) target growth, supported by “robust macroeconomic fundamentals,” is set to sustain the Philippines’ position as one of the fastest-growing emerging economies in the Asia-Pacific region.
“Robust macroeconomic fundamentals will support this growth trajectory. These growth targets will sustain the country’s position as one of the fastest-growing emerging economies in the Asia Pacific region,” NEDA Secretary Arsenio Balisacan asserted.
Eyeing for a more modern and efficient tax system, Balisacan emphasized that they plan to have the government adopt the “enhanced tax administration reforms” outlined in the Medium-Term Fiscal Program (MTFP).
“The government will further improve its performance through enhanced tax administration reforms focused on modernizing and enhancing the efficiency of the Philippine tax system,” Balisacan claimed.
“We will complement these measures by working with Congress to pass priority tax reform measures to recalibrate and further improve revenue mobilization and ultimately be more attuned to the country’s fiscal requirements and current domestic developments,” he furthered.
Balisacan stressed the importance of working alongside the Congress to streamline the enactment of tax reform measures and enhance revenue generation while ensuring that it is in accordance with the latest domestic developments and fiscal requirements.
NEDA anticipates revenues will climb to PhP 4.270 trillion (16.1 percent of GDP) by 2024 and are expected to further balloon to Php 6.078 trillion (16.4 percent of GDP) by 2028, if not before Marcos’ administration ends. | Kian Kirby F. Florano