Southeast Asian neighbors the Philippines and Brunei Darussalam have signed a double taxation agreement (DTA) to improve the exchange of trade and investments between the two countries.
Finance Secretary Carlos Dominguez said the DTA would get rid of holdups in the flow of goods and services between the two countries.
He added that the agreement would provide employment for Filipinos living in either country as the deal would urge investors to expand in the Philippines and give work opportunities to migrants in Brunei.
“This agreement serves us well as we bounce back from the ravages of the global health crisis. It will further ease trade in goods and services between our two countries… It will also strengthen our economic cooperation and enhance investment flows and economic activity across our borders,” Dominguez stated.