The government may have to drastically scale down its “Build Build Build” ambitions, a Cabinet official warned, if Congress fails to pass tax reforms that are expected to fund infrastructure projects nationwide. Asked about the importance of the Finance department-proposed Comprehensive Tax Reform Program (CTRP), Dominguez replied: “More or less it will fund half of the BBB. Not only that, we [also]do not want to breach a deficit of 3 percent of GDP [gross domestic product].”The government plans to spend P847 billion for infrastructure development this year. Along with complementary measures, total revenues have been estimated to hit P1.34 trillion. Dominguez has said that the Finance department was willing to forego a planned P10 excise tax on sugar-sweetened beverages if the Senate approves SB 1408.

Source: Manila Times August 16, 2017 16:30 UTC