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MANILA -- The Philippines should do more to explain to foreign investors the second package of tax reforms, which will affect corporate duties, said Southeast Asian consulting firm KRA Group.

Foreign investors will be "more positive" on the Philippines if the correct message on the Tax Reform for Acceleration and Inclusion package 2 or TRAIN 2 is relayed, said KRA Group head of business advisory Gerald Tan.

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"Most people looking at the headlines on TRAIN package 2 would be thinking corporate taxes are going down and there’s going to be removal of fiscal incentives," Tan told ANC's Early Edition.

"Where as I understand it... is that yes corporate taxes are coming down but with regards to the fiscal incentive, it's realignment and streamlining the tax incentives program so it’s more in line with the current government’s economic agenda," he said.

• TRAIN 2 consultations ongoing, trade chief says