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US treasury commits to strengthen Philippine tax system

Business

US treasury commits to strengthen Philippine tax system

By Manila Bulletin

The Department of Finance (DOF) said that the US Department of the Treasury has vowed to support the country’s efforts to strengthen its tax and customs administration system.

The DOF said the commitment was made by US Treasury Undersecretary Jay C. Shambaugh and other senior officials during a high-level meeting with Finance Secretary Ralph G. Recto on Oct. 24.

Washington has been a long-time partner of the Philippines in financial matters. Since 2015, the US Treasury has provided technical assistance to the Bureau of the Treasury to improve the country’s domestic debt market.

Building on this partnership, the DOF said both countries are now exploring new avenues of cooperation, including debt-for-nature and debt-for-climate swaps.

It added that this initiative aligns with the Philippines’ commitment to address climate change and environmental sustainability.

Recto also highlighted the Philippines’ strong economic performance and investor-friendly environment.

He invited US businesses to invest in key sectors such as defense and security, capitalizing on the recent passage of the Self-Reliant Defense Posture Revitalization Act.

The Philippines’ strategic location and its strong alliance with the US make it an attractive destination for US businesses, particularly in high-tech industries like semiconductors and renewable energy.

Joining Secretary Recto during the meeting were Chief of Staff and Undersecretary Maria Luwalhati Dorotan Tiuseco, National Treasurer Sharon P. Almanza; WBG Alternate Executive Director Erwin Sta. Ana; and OIC Assistant Secretary Donalyn U. Minimo.

Related Tags

Department of Finance (DOF) Tax reforms ralph recto Finance Secretary

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