MANILA – President Rodrigo Duterte said Monday he would lower personal and corporate income taxes and steer the economy to a higher growth path to uplift the poor.

In his first State of the Nation Address, Duterte said he would continue current policies so that by the end of his term, the economy would be “much stronger, characterized by solid growth, low and stable inflation.”

“My administration will pursue tax refroms towards a simpler and more equitable tax system that can foster investments. We will lower personal and corporate income tax rates,” he said.

Duterte did not elaborate, but his economic managers have said income tax rates could be lowered to 25 percent from as high as 32 percent currently.

“At the household level, there must be sufficient income for all Filipinos,” he said.

Duterte also said he would “relax” the bank secrecy law.

Last February, hackers shifted $81 million from Bangladesh’s foreign reserves to the Rizal Commercial Banking Corp., taking advantage of loopholes in the country’s banking and anti-money laundering laws.