This bill will authorize the Secretary of Finance to set the income ranges and undertake the regular income reclassification of all provinces, cities, and municipalities once every three years, starting within six months from the effectivity of the bill. This seeks to institutionalize the income classification of LGUs by increasing the thresholds for the income classification of all provinces, cities, and municipalities. The bill’s urgent enactment will assist the LGUs in optimizing revenue collections, which in turn, will promote genuine local autonomy. The reform will broaden the tax base used for property and property-related taxes of the national and local governments, thereby increasing government revenues without raising the existing tax rates or devising new tax impositions. This aims to promote the development of a just, equitable, and efficient real property valuation system. These reforms include specific measures that will help local government units attain fiscal sustainability.įirst of these is the Real Property Valuation and Assessment Reform, which is a priority bill of the President. The Framework proposes measures that will improve tax administration, enhance the fairness and efficiency of our tax system, and promote environmental sustainability to address climate change. The economic team is committed to implementing a Medium-Term Fiscal Framework which serves as our blueprint to reduce fiscal deficit, promote fiscal sustainability, and enable robust economic growth. The effects of the pandemic linger while the global political economy remains unpredictable.īut we are fully prepared to address ongoing risks and challenges.

Inflation is expected to remain elevated for as long as world prices of oil and other key commodities remain high. We recognize, however, that the operating environment remains uncertain and difficult. The Philippines’ solid macroeconomic fundamentals, reinforced by these structural reforms, enabled us to withstand the harsh effects of the pandemic and chart a clear path to recovery. When the COVID-19 pandemic struck and stalled our economic growth, these laws were a critical factor in maintaining fiscal sustainability. On behalf of the Department of Finance, I would like to express our sincerest gratitude to the Senate for passing during the 18th Congress much-needed tax reforms and economic liberalization measures. 16/08/22 Senate Committee on Local Government Organizational Briefing SpeechĬommittee on Local Government Chairperson JV Ejercito, Vice-Chair Bato dela Rosa, and our distinguished Senators present here today: good morning.

Bato dela rosa speech