MANILA – Senators are likely to reduce proposed excise taxes on fuel and cars when they discuss President Rodrigo Duterte’s tax reform program, an analyst said Tuesday.
Even as the measure risks being watered down, the Philippines can still keep its investment grade credit rating as long as spending is in line with revenue, said Eurasia Group director for Southeast Asia Peter Mumford.
The Senate needs to come up with counterpart legislation after the House of Representatives passed their version of tax reform, seeking new duties to offset a reduction in personal income taxes.
Some P80 billion in additional revenue from the tax package will help fund Duterte's P8-trillion infrastructure rebuilding. – ANC, Market Edge with Cathy Yang, June 13, 2017