MANILA, Philippines — The Duterte administration’s economic managers have decided to cut the government’s revenue target this year following the enactment of a watered down tax amnesty law. This is lower than the previous revenue program of the government, which was set at P3.208 trillion. According to Finance Secretary Carlos Dominguez, the DBCC decided to cut the revenue program following President Duterte’s decision to veto the general tax amnesty provisions under Republic Act 11213 or the Tax Amnesty Law. Due to the lack of these measures, President Duterte last Feb. 14 signed the law, but line vetoed the provisions on general tax amnesty. Estimates from the DOF showed that the Tax Amnesty Law is expected to raise P27.54 billion in additional revenue this year, 56.63 percent lower than the P63.5 billion initially expected by the DOF under the original proposal.

Source: Philippine Star March 14, 2019 16:00 UTC