KUWTT: Tax reform is the key to growth – Marcos | July 26, 2022

Have a good day. Here are the articles from the Manila Times for Tuesday, July 26, 2022.

READ: Tax reform key to growth – Marcos

PRESIDENT Ferdinand “Bongbong” Marcos Jr. pledged on Monday to reform the country’s tax system and increase infrastructure spending to achieve 8% economic growth during his term. In his first State of the Nation Address (SONA), Marcos said his administration will implement sound management of fiscal policy to offset the huge losses from the Covid-19 pandemic. The president pledged to promote productivity-enhancing investments through the Business Recovery and Business Tax Incentives Act, and to boost economic liberalization through the Civil Service Act. He promised to fully support ecozones to attract strategic industries such as high-tech manufacturing, health and medical care. Marcos said his government would recalibrate the country’s tax system to adapt it to the needs of a digital economy. He said this might require imposing a value-added tax on digital service providers. The President is committed to simplifying tax compliance procedures for the convenience of taxpayers.

READ: Marcos pledges to defend PH territory

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Furthermore, Marcos swore that he would not give up “even a square centimeter” of Philippine territory to any foreign entity. Maintaining friendly relations with other countries brings tons of benefits, the president said, citing as an example how nations of different political stripes came to the aid of the Philippines during the height of the coronavirus pandemic. But while the Philippines is indebted for these kind acts, it will not bow to any outside pressure and its administration will always choose diplomacy to resolve disputes, Marcos said. The Philippines has long been embroiled in a territorial dispute in the Western Philippine Sea with China.

READ: Marcos wants to tolerate land reform loans

In addition, Marcos urged Congress to pass a law tolerating loans from land reform beneficiaries, saying this will ensure the success of his administration’s food security agenda. He said the proposed measure will cancel recipients’ outstanding amortization and interest payments. The president said the measure will cover the “58.125 billion pesos benefiting approximately 654,000 land reform beneficiaries and involving a total of 1.18 million hectares of allocated land”. He said Section 26 of Republic Act (RA) 6657, or the “Comprehensive Land Reform Act of 1988”, must be amended to relieve farmers of their loans and interest. Under Section 26, the allocated land will be paid by the beneficiaries to the Land Bank of the Philippines in 30 annual installments at 6% interest per annum. Marcos also said land reform beneficiaries who have not yet received the land allocated to them under the comprehensive land reform program will receive it without paying depreciation.

READ: Marcos bats for mandatory ROTC

The president unveiled several of his proposals to improve the government’s defense structure in his speech. The creation of a Medical Reserve Corps (MRC), amending the “obsolete” National Defense Act, and the reinstatement of the Reserve Officers’ Compulsory Training Corps (ROTC) and National Service Training Program will be among the priority legislative measures of his administration.

READ: Marcos will build ‘specialty hospitals’

Marcos has pushed for the establishment of more “specialty hospitals” in other parts of the country to improve health care delivery to Filipinos living in remote rural areas. At the same time, Marcos assured the public that there would be no more lockdowns despite rising Covid-19 infections. The President stressed the importance of having a health care system close to the community, especially in rural areas that lack medical and health personnel.

BUSINESS: BSP sets up DMFAS

Separately, to corporates, the Bangko Sentral ng Pilipinas (BSP) announced that it had completed the improvement of its monitoring and analysis of external debt by upgrading to the latest version of the debt management and monitoring system. financial analysis (SYGADE). Its latest version, DMFAS 6, has enhanced security to ensure data integrity and confidentiality and improved user experience and navigation. It also offers up-to-date analysis and management tools for debt portfolio analysis and reporting.

SPORTS: Obiena resets Asian record and wins bronze at World Athletics Championships

ERNEST John “EJ” Obiena broke the Asian men’s pole vault record en route to the bronze medal at the World Championships in Athletics in Eugene, Oregon, USA. He is the first Filipino to win a medal at the prestigious competition. Obiena cleared the 5.94-meter mark on his second attempt on Monday (Manila time) to finish third behind American Christopher Nielsen, who cleared the same height but pocketed the silver after the countdown. Sweden’s Armand Duplantis concluded the World Athletics Championships in stunning fashion, setting a new world record of 6.21 meters in the pole vault as the curtain fell on the 10-day World Athletics spectacle.

READ: Opinion and editorial

Antonio Contreras and Yen Makabenta are the front-page columnists today. Contreras tackles an “inflation” of academic honors and ranks, while Makabenta tackles various topics on local issues.

Today’s editorial tackles political trolling on social media. Read a full version in the newspaper’s opinion section or listen to the voice of the times.

For more news and information, get a copy of The Manila Times on paper, subscribe to his digital edition or log on to www.manilatimes.net. follow us on Twitter, Facebook Where instagram and Track times.

On behalf of the Manila Times, this is Aric John Sy Cua reporting. Have a safe Tuesday.

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