Still, the revised forecast for 2017 is lower than the rate of growth in 2016, which stood at 6.9 percent. “In addition, the tax reform likely to be approved in the second half of 2017 will unleash purchasing power in 2018 through lower personal income tax,” the ADB said. The government-proposed comprehensive tax reform program’s (CTRP) first package, which seeks to lower personal income tax rates, is now pending before the Senate. ANZ Research kept its growth forecast at 6.9 percent, despite the lower-than-expected performance in the first quarter, saying overall growth is strong and balanced. Meanwhile, the ADB said growth projections for Southeast Asia are expected to remain at 4.8 percent in 2017 and 5.0 percent in 2018, with accelerating growth for Malaysia, the Philippines, and Singapore.

Source: Manila Times July 20, 2017 16:52 UTC