TRAIN, rice tariffication are game-changers, says Dominguez
Finance Secretary Carlos Dominguez III said the tax reform law and the shift to rice tariffication are among the recent game-changing initiatives that best illustrate the Duterte administration’s resolve to carry out bold reforms and sound economic policies.
The Tax Reform for Acceleration and Inclusion (TRAIN) Act, whose passage in the Congress was celebrated during the anniversary of the Department of Finance (DOF) in 2018, was again cited by Dominguez as the agency marked its 122nd anniversary this year for achieving 108 percent of its revenue target in the first year of its implementation.
Dominguez said TRAIN, which he described as “a great success,” also broadened the tax base and returned the equivalent of a 14th month pay to 99 percent of the country’s salaried workers, or a total of about P111 billion in 2018.
Meanwhile, he said the shift from quantitative restrictions (QRs) to tariffs on rice imports is another “proud” accomplishment of the DOF given that it took more than 30 years under various administrations to get the Congress to approve this reform.
Liberalizing rice imports, he said, will not only make quality rice more affordable and accessible to Filipino families, but will also lower the country’s inflation rate, revolutionize the agriculture sector and help farmers become more productive and competitive in the global economy.