The Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) is in favor of the proposedTax Reform for Attracting Better and High-quality Opportunities or TRABAHO as the contemplated reduction in corporate income tax rates will improve the competitiveness of domestic corporations, particularly compared to our ASEAN neighbors, and allow domestic firms to reinvest tax savings in their businesses.
Lower taxes could make businesses pass on the tax savings to consumers by way of lower prices to stay competitive, thus contributing to Philippine economic growth and the creation of more job opportunities.
FFCCIII president Domingo H. Yap said: “We agree that rationalization of fiscal incentives reform is long overdue in the Philippines. The regime of incentives must be well
targeted to assist the more deserving, and be time-bound rather than indefinite. They must be performance-based to ensure they are attuned to the government’s objectives in generating employment and attracting investments.”
Yap added “The TRABAHO bill is meant to be revenue neutral and will rationalize granting of government incentives.We reaffirm our support for tax reforms in the TRABAHO bill
to sustain fast and inclusive economic growth for the Philippines.”
Note: Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) is a non-stock, non-profit business and civic national umbrella organization of over 170 regional
chapters and diverse industry groups with objectives encompassing economic and socio-civic advocacies. FFCCCII president is Domingo H. Yap and its chairman emeritus is Dr. Lucio C. Tan.