Dominguez optimistic PHL will attain growth target in 2016By Antonio L. Colina IVFinance Secretary Carlos G. Dominguez (mb.com.ph)DAVAO CITY – Finance secretary Carlos G. Dominguez II is optimistic that the country will attain the growth target of 6 to 7 percent for 2016. In a press statement, he said the Philippines must only hit 5.1 percent growth in terms of gross domestic product (GDP) in the second half of 2016 to achieve the growth target by end of the year. Dominguez said that countermeasures will be implemented to offset the possible losses in revenues brought about by the Duterte administration’s tax reform plan which include cutting personal and corporate income tax rates to improve the tax compliance and strengthen the middle class. Hitting a 7 percent GDP growth “would enable the new government to keep its growth targets on track for the rest of the year and in 2017.”“This is the 70th straight quarter growth since the Asian financial crisis, the 18th straight quarter above five percent, and we’re very happy that this growth has been strong and we foresee that it will continue to be strong through the coming years,” he said. The finance chief added that cutting the corporate income tax rates would lure in foreign investments and build capital, with the “government initiatives to relax foreign ownership limits by amending the Constitution.”

Source: Manila Bulletin August 22, 2016 06:33 UTC