The country may hit an “A” credit rating before the term of President Rodrigo Duterte ends in 2022 as Congress works on the swift passage of the Comprehensive Tax Reform Program, House Majority Leader and Leyte Rep. Martin Romualdez said.
He said the tax reform measures that were approved on third and final reading before Congress went on a month-long Halloween recess would further promote the country as a viable investment destination.
Among the measures were House Bill No. 304 or the Passive Income and Financial Intermediary Taxation Act and HB No. 4157 or the Corporate Income Tax and Incentive Rationalization Act.
Romualdez, chairperson of the House committee on rules, said the surging economy earned the Philippines an upgrade to BBB+, the country’s highest credit rating in history from Standard & Poor’s Global Ratings.
“We are notch away from ‘A’ territory rating after a vote of confidence by Standard & Poor’s, upgrading the country’s credit rating from ‘BBB’ to ‘BBB+’ with a stable outlook because of the robust economic growth,” he said.
“The passage on third and final reading of the bills under the Comprehensive Tax Reform Program will help us reach the ‘A’ credit rating goal of the Duterte administration,” Romualdez said.
Romualdez said Congress would continue to prioritize the passage of bills aimed at sustaining the economic growth momentum.
“The groundwork for fiscal reform has been set. President Duterte’s fiscal reform is expected to take our economy to the next level of development,” he said.
