The Department of Finance (DOF) has reiterated the need to pass tax reform measures to raise additional revenue to fund the country’s infrastructure program and investment needs.
Finance Undersecretary Karl Kenneth Chua said such infrastructure program of the Department of Public Works and Highways (DPWH) consists of major highways, expressways and flood-control projects.
He identified these projects as Bonifacio Global City-Ortigas Center Link Road, University of Philippines-Miriam-Ateneo viaduct along C-5/Katipunan, Camarines Sur/Albay Diversion Road, Pulilan-Baliuag Diversion Road, Maasin City Coastal Bypass Road cum Sea Wall, Tacloban City By-Pass Road, Panay East-West Road, Daang Maharlika (alternate route), Cagayan de Oro Diversion Road and Valencia City-Pangantucan Diversion Road.
Chua was one of the guests at the recent General Membership Meeting of the Philippine Exporters Confederation Inc. (Philexport).
“Funding these major infrastructure projects is only possible with tax reform for our country to sustain high and inclusive growth,” he said.
Apart from infrastructure, Chua said the tax-reform proposal will able the country to invest more in education and health care by providing better services and facilities.
He said tax reform is needed to fund Duterte administration’s 10-point socioeconomic agenda that includes accelerating annual infrastructure spending to account for 5 percent of GDP.
The agenda also includes investing in human-capital development, including health and education systems and match skills and training; increasing competitiveness and the ease of doing business; and promoting science, technology and the creative arts to enhance innovation and creative capacity.
Chua said the overall tax burden of the poor and the middle class will be lessened.
“We are redesigning our tax system to be simpler, fairer and more efficient for all, while also raising the resources needed to invest in our infrastructure and our people,” he added.