WORLD Bank has offered to provide the Duterte government with technical assistance in order to effectively implement its planned reforms on tax policy and administration, the Department of Finance (DOF) said Monday.
Finance Secretary Carlos Dominguez III said the offer was made during his recent meeting with World Bank officials led by Vice President for East Asia and the Pacific Victoria Kwakwa.
He said Warwick noted that the tax reforms can be game changers that could improve transparency, monitoring and efficiency in tax administration, which could in turn further expand tax base.
The World Bank's offer of assistance came after Dominguez had explained to its officials the "transformative" reforms that the Duterte administration aims to carry out to help bring down the poverty rate from 26 percent in 2015 to 17 percent by the time the President steps aside in 2022.
These reforms include progressive tax reform packages to increase revenue collections while alleviating the tax burden on the middle class and vulnerable sectors; measures to ease business processes and cut red tape; initiatives to intensify social protection programs for the poorest of the poor, and accelerating spending on infrastructure by strengthening partnerships with the private sector.
"It was a very productive meeting with the World Bank officials," Dominguez said.
The World Bank's Philippine portfolio comprises 15 operations with a total net commitment of around $3 billion.
These include projects on irrigation, road improvements, rural development, transport, basic education and social protection.
Around $600 million worth of proposed projects funded with World Bank loans are likewise in the pipeline. (SDR/Sunnex)