MANILA - Officials of the Department of Finance said Thursday they are still optimistic that lawmakers will approve the second package of tax reforms, despite comments from several senators that this was unlikely.
Finance Undersecretary Karl Chua and Assistant Secretary Tony Lambino said they will try to convince senators to pass the tax measure despite Senate Majority Floor Leader Miguel Zubiri's comment that the upper chamber was not keen on this.
“Next week we will visit and talk to them (senators). We remain optimistic,” Chua said.
The second tax reform package aims to lower corporate income taxes and streamline fiscal incentives.
The House of Representatives passed a bill called the Tax Reform for Attracting Better and Higher Quality Opportunities (TRABAHO) in September.
Senate President Vicente Sotto III meanwhile filed a similar bill called Corporate Income Tax and Incentives Reform Act in August.
Sotto said on Wednesday that his version of the measure was more acceptable to senators. But he also conceded that chances of it being passed during the 17th Congress were bleak.