Speaking at the 6th Finex Cebu Summit on Nov. 15, 2024, Finance revenue operations group Undersecretary Charlito Martin R. Mendoza emphasized the government’s forward-thinking approach.
“Through digitalization, sustainability, and diversification, we are laying the groundwork for businesses to realize both short-term wins and long-term viability,” Mendoza said.
Digital initiatives
The DOF’s digital initiatives include the Border Security Enhancement program, the Ease of Paying Taxes Act, and the Enhanced Internal Revenue Stamps Integrated System.
These aim to optimize revenue collection, combat illicit trade, and simplify tax compliance, the DOF said in a statement.
Agencies such as the Bureau of Customs (BOC) and Bureau of Local Government Finance (BLGF) are also adopting systems to digitize processes like cross-border invoicing and property tax standardization.
Sustainable finance
On sustainability, the Philippines recently secured the hosting of the global Loss and Damage Fund Board, enhancing access to climate finance.
The DOF-led Inter-Agency Task Force on Sustainable Finance is mobilizing resources to fortify disaster resilience and green investments.
Diversification
Diversification efforts include integrating the ATA Carnet system to aid exporters and expanding Double Taxation Agreements (DTAs) to boost competitiveness abroad. The DOF is negotiating DTAs within Asean to minimize tax burdens for Filipino businesses.
Mendoza assured stakeholders that the government remains committed to fostering a business-friendly, climate-resilient, and globally competitive economy.
