FORMER secretaries and undersecretaries of the Department of Finance (DOF) have expressed thair support for the Duterte administration’s Comprehensive Tax Reform Program (CTRP) Package 2, which aims to lower corporate income-tax (CIT) rates and modernize investment incentives as effective tools in ensuring a “fair, competitive and growing” business sector in one of Asia’s fastest-expanding economies.

The show of support comes amid calls by some lawmakers to suspend implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law and undertake a more critical assessment of Phase 2 of the CTRP, as concern recently mounted over whether the government and Congress underestimated the impact of the law on the poor, with inflation hitting a five-year high in April.

Support for Package 2 was given to Finance Secretary Carlos G. Dominguez III by former Finance Secretaries Roberto F. de Ocampo, Salvador M. Enriquez, Margarito B. Teves, and Alberto G. Romulo, along with former DOF Undersecretaries Romeo L. Bernardo, Lily K. Gruba, and Cornelio C. Gison, during a lunch meeting at the

Bureau of the Treasury (BTr) in Intramuros, Manila.

Although not present, Former Finance Chiefs Cesar V. Purisima and Jose T. Pardo also relayed their support for Package 2, while ex-DOF Secretary Jose Isidro N. Camacho also joined the show of solidarity for the tax reform proposal via a teleconference call during the meeting.

In their joint statement of support, the former DOF officials said they deem the reforms in corporate taxation and investment incentives as a fair and well-crafted proposal because it encourages equitable and inclusive growth, a competitive business environment, and strong countryside development.

“We therefore express our strong support for Package 2 and urge members of Congress to ensure its timely passage,” the joint statement said.

They also pointed out that while corporate-tax rates must be reasonable, investment incentives, in turn, must ensure that their economic benefits outweigh the costs of foregone revenues and should be aligned with the government’s socioeconomic priorities.

The proposed reforms under Package 2 are now pending in Congress under House Bill 7458, which was filed in March.

The finance chief thanked the former DOF officials for their second show of solidarity in favor of Package 2 of the CTRP.

He said Package 2 will help strengthen the gains that the government has earned in terms of helping fund its aggressive “Build, Build, Build” infrastructure program, further improving its sovereign credit ratings, ensuring fiscal stability and attracting investments.