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MANILA - Consultations with stakeholders are ongoing as the government revises corporate incentives under the second tranche of tax reforms, Trade Secretary Ramon Lopez said Friday.

Lopez said "there can be more adjustments especially with respect to the transition period like putting a cap on the number of years for incentives giving."

Incentives under the proposed regime will be performance-based, time-bound, focused and transparent, he said.

Some incentives might be capped, but the government can "justify" continued perks for companies that invest on innovation and generate jobs, he said.

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