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MANILA - The head of a European business group said Wednesday its members were worried over the impact of the second package of tax reforms on their operations.

The House of Representatives recently passed on third and final reading the Tax Reform for Attracting Better and High Quality Opportunities or TRABAHO Bill, which seeks to rationalize fiscal incentives and lower the corporate income tax rate.

"It just leaves this uncertainty and that's something we can't live with," European Chamber of Commerce in the Philippines president Guenter Taus told ANC.

Trade Secretary Ramon Lopez told ANC on Tuesday that "high performing" companies could still retain similar perks under certain conditions.

Taus said many ECCP members in manufacturing and assembly for the export market were worried that their tax incentives will be removed.