PwC Philippines said some of its clients were now asking for “exit strategies” amid concerns about the government’s second tax reform package.
On the sideline of a forum yesterday, PwC chair and senior partner Alexander Cabrera said locators in economic zones were asking PwC what to do in light of the “Trabaho” bill.
“They’re asking for advice. They’re looking for exit strategies…the most efficient way to exit the country, ” Cabrera said.
Although none has left so far, expansions were put on hold citing the uncertainty brought about by tax reform talks, he said.
He deferred from giving details that could identify his clients. They are mostly watching closely how the tax package would develop in Congress.
The Duterte administration is pushing to pass the second tax reform package which will lower the corporate income tax and the tax incentive system.
The President called for the swift passage of the Tax Reform for Attracting Better and High-quality Opportunities (Trabaho) bill, which was already approved in the House of Representatives.
Cabrera, however, said he did not mind disruptive initiatives such as the Trabaho bill but the government should know how to temper the policy’s impact.
“But I’m saying all disruptions are risks and these risks should be managed,” he said.