Last Monday, the country’s 16th President Rodrigo Roa Duterte graced the nation with his first ever State of the Nation Address (SONA) The business sector of the country welcomed his promises pertaining to income tax and bank secrecy law.
In his speech, the President said that he will do his best to lower personal and corporate income tax and to loosen up the bank secrecy in the Philippines.
Business executives were glad to know about the President’s plan. European Chamber of Commerce of the Philippines (ECCP) President Mr. Henry Schumacher said that decreasing the corporate income tax is a must. He explained that tax in the Philippines is not competitive compared to other countries in the SouthEast Asia, which is why President Duterte’s plan is great news for business holders.
Mr. Peter Perfecto, Executive Director of the Makati Business Club also praised President Duterte’s speech saying that it was very comprehensive as it gives everyone a clear picture of what our President plans for the Philippines.
In addition, Mr. Julian Payne who is the Chairperson of the Canadian Chamber of Commerce of the Philippines, also supported the Duterte’s initiative to reduce the corporate tax in the country. Payne said that they are positive about Duterte’s move in increasing the investment rate in the country.
