MANILA -- The House of Representatives on Tuesday approved the second tranche of tax reforms, which aims to reduce corporate income tax rates and revisit incentives, its public information office said.

The Tax Reform for Attracting Better and High Quality Opportunities or TRABAHO was passed through voice vote, the office said in a statement. President Rodrigo Duterte's economic managers are pushing for its enactment into law this year.

"The objective of the TRABAHO bill is to create more jobs and opportunities for our country through encouragement of the private sector to invest and grow their businesses here," said the author of the measure, Quirino Rep. Dakila Cua.

The measure seeks to attract investments by slashing the corporate income tax rate to 20 percent from 30 percent and "modernize investment tax incentives to enhance fairness," according to the statement.

The first tranche of reforms, which took effect last Jan. 1, reduced personal income tax rates and raised duties on fuel, cars and sugar-sweetened drinks.

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Under the TRABAHO bill, the 30-percent corporate income tax rate will be reduced to 28 percent in 2021, 26 percent in 2023, 24 percent in 2025, 22 percent in 2027 and 20 percent in 2029, according to the statement.

Revenue from the measure will help fund school and housing vouchers and universal health care, the statement said.