Speaking at a press briefing after discussions with business leaders at the Big Bold Reforms Business Forum, attended by top business leaders, including Teresita Sy-Coson (SM Group), Jaime Zobel de Ayala, Manuel V. Villar Jr., and Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr., alongside Cabinet members and senior officials from various departments.
Go said they discussed the granting of visa free entry to Chinese businessmen and tourists through the Manila and Cebu gateways for 14 days.
“We believe this will boost tourism, trade and investments and further improve relationships with our largest trading partner,” he said during a media briefing after the event at the Shangri-La The Fort in Taguig.
CARS funding issue resolved, investors assured
Go also moved to calm concerns over the government’s commitment to the Comprehensive Automotive Resurgence Strategy (CARS) program, following reports that funding for the initiative was vetoed.
This matters because it is meant to keep large auto investments in the Philippines and protect thousands of factory and supplier jobs linked to local vehicle assembly.
“Just yesterday… the government finalized a funding solution for CARS program and therefore car manufacturers enrolled in the program can now be assured the government will fulfill its commitment to investors,” Go said.
BIR crackdown on ‘arbitrary’ audits
On taxes, Go said the Bureau of Internal Revenue (BIR) is changing how it selects and conducts audits following its suspension of the issuance of letters of authority last Nov. 24.
“The BIR… is now looking at digitized risk based data driven audit system that minimizes discretion, strengthens accountability and prevents arbitrary or abusive audits,” he said.
Go added: “Two of the clear goals when we resume is we will reduce the numbers of departments authorized to issue letters of authority as well as reduce the numbers of letters of authority a taxpayer can receive in any given year.”
Integrated trade platform to boost commerce, tax efficiency
Go also said customs authorities have signed the integrated National Single Window (NSW) platform, a one-stop portal that will consolidate multiple trade agencies to speed up import and export processing.
The goal, he said, is “cutting red tape, reducing delays and lowering costs.” Go added that the platform will also improve data sharing and transparency, helping strengthen tax and revenue collection and support the move toward fewer, more targeted audits.
—Edited by Miguel R. Camus | Corrie S. Narisma
