MANILA - President Rodrigo Duterte has certified as urgent a bill that aims to lower corporate income tax.

Duterte in a letter to Senate President Vicente Sotto III on Monday, called for the speedy passage of Senate Bill No. 1357 also known as the Corporate Income Tax and Incentives Reform Act (CITIRA) which seeks to reform the corporate income tax and incentives system.

The President explained that the measure is necessary to "further institute tax reforms by rationalizing the corporate income tax and incentives system in order to promote foreign direct investment inflows and the expansion of business ventures conducive to economic growth and job generation."

The measure seeks to lower the corporate income tax to 25 percent from 30 percent by 2024, and further to 20 percent by 2029.