The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) threw its support behind the Department of Finance’s (DOF) recent tax audit reforms and the landmark trade deal with the United Arab Emirates (UAE), signaling optimism for the country’s fiscal environment and export potential.

In a statement, FFCCCII President Victor Lim said the organization is confident in Finance Secretary Frederick D. Go’s initiative to resume the issuance of Letters of Authority (LOA) by the Bureau of Internal Revenue (BIR) under a more controlled, data-driven framework.

The chamber described the shift toward a digitized, risk-based system as a seminal advancement in fiscal governance that minimizes human discretion and strengthens institutional accountability.

“By anchoring the audit process to a digitized, risk-based, data-driven system, the policy minimizes discretion, strengthens accountability, and definitively curtails the potential for arbitrary measures,” Lim said.

The reform includes a commitment to limit the number of revenue offices authorized to issue the audit notices and a reduction in the frequency with which a single taxpayer can be audited within one year.

Lim noted that anchoring the process to empirical data definitively curtails the potential for arbitrary measures or harassment.

He said the policy is a transition from an enforcement-centric model to one built on transparency and rational engagement, which he believes will fuel both domestic and foreign investor confidence.

The chamber emphasized that such intelligently crafted policies are essential for providing the stable environment required to sustain national economic growth.

The FFCCCII noted that the business community views the move as a step toward fostering mutual trust between the government and taxpayers, ensuring that the state collects necessary revenue without stifling enterprise.

On the international front, the federation commended President Ferdinand Marcos Jr. and Special Envoy to the United Arab Emirates Ma. Anna Kathryna Yu-Pimentel for finalizing the Philippines-UAE Comprehensive Economic Partnership Agreement.

The group called the pact a historic milestone, noting it serves as the nation’s first free trade agreement in the Middle East.

The CEPA is expected to unlock opportunities in trade, investment, and digitalization.

Lim urged the government to leverage the agreement to pivot the country’s economic strategy toward the Middle East, focusing on the export of high-value goods rather than traditional manpower services.

The FFCCCII described the diplomatic efforts as a forward-looking approach to creating long-term prosperity.

The federation said it stands ready to collaborate with the administration to harness the potential of this new chapter in Philippines-Middle East relations, aiming to boost the volume of Philippine products entering the Gulf markets.