MANILA - The Finance department said Sunday it will submit this month to Congress the second package of the comprehensive tax reform program of the Duterte administration.

Finance Secretary Carlos Dominguez III said the Comprehensive Tax Reform Program's Package 2 aims to lower corporate income taxes and "modernize" fiscal incentives.

The second tax reform package comes after Congress passed the landmark Tax Reform for Acceleration and Inclusion, which lowered income taxes and hiked duties for sugary drinks, fuel and cars.

Dominguez said President Rodrigo Duterte himself told them to ensure its effective implementation of the TRAIN law and to immediately submit the second tax reform package to Congress early this year.

"We are moving forward with the implementation of the tax reform," he said during the recent inter-agency meeting.

The second tax package, however is not expected to result in an increase in revenues.

Dominguez earlier explained that the TRAIN law is just the initial phase of the comprehensive tax reform program.

He said 70 percent of the incremental revenue will go to the administration's "Build, Build, Build" program while the rest will go to social services, particularly to the cash transfers for the poorest of the Filipinos.