The government must implement a progressive tax law, spend more on its coronavirus disease 2019 pandemic response and improve the health sector to ensure the recovery of the Philippine economy, according to current and former government officials.During the SharePHIL online summit series on Wednesday, Senate President Pro Tempore Ralph Recto emphasized the importance of his proposed version of the Corporate Recovery and Tax Incentives for Enterprises Act.
In terms of incentives, he offered three options. First is excluding five investment promotion agencies from the coverage of the Fiscal Incentives Review Board; second is incentives should be based on the market a firm caters; and third is the “grandfather rule,” which would allow investors or businesses continue operations and enjoy the perks received under old laws or rules, and be exempt from new ones that would be applied to new investors or enterprises.
Meanwhile, former Socioeconomic Planning Secretary Ernesto Pernia underscored the need for the government to spend more on its Covid-19 response, as the Philippines is lagging behind other members of the Association of Southeast Asian Nations . He urged the government to prioritize its Covid-19 response more than securing its investment-grade credit rating, as comparisons show that Asean members kept their creditworthiness intact despite spending more to cope with the global health crisis.
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