DAVAO CITY, February 21, 2017 — President Rodrigo Duterte lauded the partnership between the Philippine Government and the Asian Development Bank (ADB).
In a speech during the bank’s 50th Anniversary Reception at the ADB Headquarters in Mandaluyong City, Duterte said he hopes to partner with ADB’s development programs by 2020.
Duterte was joined by ADB President Takehiko Nakao, ADB Philippines Executive Director Paul Dominguez, Finance Secretary Carlos Dominguez III, and other ADB executives and staff members.
The President said he hopes the country will become more of a middle class economy in the years to come.
The Department of Finance (DOF) had earlier said the ADB is supportive of the department’s reform efforts, especially in its tax measures.
In a statement, the DOF said Nakao “agrees with the DOF proposal to adjust the excise taxes on automobiles and petroleum products and acknowledged that these are ‘progressive tax measures.’”
The ADB said the Philippine government’s programs “would improve the business environment and sustain further growth, and that revenue losses from the proposed reductions in personal income taxes (PIT) will be offset by broadening the value-added tax (VAT) base and increasing oil excise taxes.”