Recto urges Congress to pass fiscal reforms to cut deficit

Finance Secretary Ralph Recto has called on Congress to expedite the passage of key fiscal reforms aimed at reducing the government's budget deficit and debt.

Recto emphasized the need for congressional partnership in enacting these measures, highlighting his experience as a former legislator.

The Department of Finance is refining proposals for these reforms to present to Congress soon.

Key proposed reforms include the Real Property Valuation Reform (Package Three of the Comprehensive Tax Reform Program), VAT on Digital Service Providers, Rationalization of the Mining Fiscal Regime, Single-Use Plastic Bags Tax Act, and the CREATE MORE bill.

These reforms are expected to finance development initiatives while simultaneously lowering the deficit and decreasing reliance on debt.

The DOF organized an economic outlook briefing to help congressional staff understand their priority bills and address any potential misunderstandings.