President Ferdinand R. Marcos, Jr. has urged Congress to approve the Department of Finance’s tax reform package within the year.
The legislation, titled Promoting Growth, Revenue and Equity towards Socioeconomic Sustainability, is being pushed for rapid enactment.
Analysts estimate the package will generate an average of 129.68 billion pesos in additional annual revenue from 2027 to 2030, offsetting a projected 81.73 billion‑peso loss caused by raising the personal income tax‑exempt threshold to 350,000 pesos.
Key elements of the proposal include a 75 percent excise tax on vehicles priced above 8 million pesos, higher taxes on sweetened beverages and single‑use plastics, a 25 percent tax on private aircraft, and increased motor vehicle user charges.
