PH biz groups applaud Marcos’ economic plans
Business groups in the Philippines welcome the economic plans laid by the newly-seated President Ferdinand “Bongbong” Marcos, Jr. during his first State of the Nation Address (SONA).
During the event in Batasang Pambansa, Marcos Jr.said that he will push for a post-pandemic economic recovery in his first year in office and the imposition of a value-added tax (VAT) on digital transactions.
In a message to BusinessWorld, Philippine Retailers Association (PRA) Vice Chairman Roberto Claudio said that the proposal to tax online transactions will put online merchants on equal footing with in-store retailers on tax burdens.
The proposed digital services VAT is expected to generate P11.7 billion (US$210 million) in revenues if implemented in 2023.
Meanwhile, British Chamber of Commerce Philippines Executive Director Chris Nelson said that the promise of no other lockdowns would be good for the economy.
At the same time, Makati Business Club (MBC) Executive Director Francisco “Coco” Alcuaz, Jr. said that Marcos Jr.’s plans for the agriculture sector are most welcome and long overdue.
As for the tourism industry, the Tourism Congress of the Philippines (TCP) President Jose C. Clemente III expressed his support for the president’s plan to build additional international airports in the country.
