Bongbong Marcos promises improved tax administration

MANILA, Philippines — President Ferdinand Marcos Jr. has promised the Federation Of Filipino Chinese Chambers of Commerce & Industry Inc. (FFCCCII) that his administration is working toward better tax administration to help businesses in the country flourish.

Speaking during the oath taking of new FFCCCII officials at Malacañang on Wednesday, Marcos said they have listened, and will continue to hear the concerns of the business sector regarding ways to make doing business easier.

“Cognizant of the concerns of the sector, we will continue to listen and exert efforts to improve the business climate and foster ease and efficiency of doing business. We have taken note of the issues that you have raised during our meeting last year and have already initiated many steps and adjustments to address those challenges,” Marcos said.

“We are now exerting effort to provide and improve our tax administration and fiscal incentives system amongst others strategic interventions. We are also streamlining existing regulatory mechanism through expedited and integrated processes and digitalization of key government services,” he added.

During his speech, Marcos also cited the importance of FFCCCII and public-private partnerships as a whole, assuring the business sector that his administration would continue to prioritize partnerships to ensure inclusive growth.

“As in every mutually beneficial partnership, the Federation will (be) rest assured that this administration will continue to support this healthy relationship. It is not only a healthy relationship, it is one that we consider to be a necessary partnership, and I think it has been made clear that the policy of this administration is to have the critical partners in the transformation of our economy,” the President said.

“So as part of this administration’s agenda, partnership with the private sector has been actively pursued and nurtured in recognition of this essential role that you play in our development. Definitely this is a partnership that my administration will continue to preserve, harness and enhance so that it may bring forth greater benefits for businesses, our citizens and our country,” he added.

Tax reform has been a talk ever since Marcos assumed office in 2022.  Last September 2022, Marcos and his economic team invited investors from the United States with the promise that reforms in tax policies would make the Philippines suitable for investments.

READ: Marcos team pitches PH tax reforms, agri to US investors

READ: DOF says gov’t is keen on keeping existing tax system 

Among the officials present during the oath taking ceremony at Malacañang was Lamoiyan-Hapee president and chief executive officer Cecilio Pedro, who was elected as the chamber’s new president.

Marcos said he hopes the new FFCCCII administration continues its partnership with the government, and remain its ally in ushering growth and development.

“May this partnership between the Philippine government and the Federation live on for decades to come. Let it remain to be the government’s dependable ally in the pursuit of our aspirations for a prosperous, inclusive and resilient society. And a more comfortable, secure life for us all,” Marcos said.

“To the new officers who will be assuming, greater social responsibilities and challenges, we wish you the success of your leadership. May you sustain the Federation’s long and storied legacy in Philippine society,” he added.  With your unquestionable and proven dedication, wisdom and professionalism, I am certain that we will have positive influencers and prime movers in our communities to ably guide or economy to greater heights.”

READ: ‘Do what you do best,’ Marcos exhorts Chinese-Filipino business group