During a strategic meeting on April 17, 2024, with ADB president Masatsugu Asakawa, Recto emphasized the urgency of adapting tax systems to the digital economy, the Department of Finance said on Sunday.
With 25% of Filipinos now engaged in e-commerce, the potential for revenue leakage through outdated methods is high, the Finance chief explained.
The ADB’s commitment will focus on a comprehensive Digital Transformation Project for the Bureau of Internal Revenue, aiming to capitalize on digital growth and secure economic stability in the Philippines, the department said.
