After six months in office, President Marcos' chief economic manager continued to assert that there was no need for new tax proposals to enhance the government's revenue collection.
Finance Secretary Ralph G. Recto reiterated his stance at a forum with business journalists on Monday, July 8, stating that no fresh tax reform proposals are being considered.
Recto said that the Marcos administration’s focus was on refining the existing tax reforms, which are awaiting approval from Congress.
He assured that these reforms prioritize fairness and efficiency while avoiding placing unnecessary burdens on Filipino consumers and taxpayers.
Recto said that the implementation of these reforms could potentially inject an average of P42 billion annually into the government's coffers beginning in 2025.
“We are also strategically maximizing our non-tax revenues to increase collections and ensure sustainable funding for priority programs and projects,” Recto added.