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Philippines president Marcos urges new tax measures

In his second State of the Nation Address, Philippine President Ferdinand R. Marcos, Jr. emphasised the country's economic recovery from the pandemic and urged Congress to prioritize “essential” new tax measures. Despite significant reduction in inflation, from a peak of 8.7% in January to 5.4% in June, Marcos' failure to announce new programmes for struggling sectors like agriculture and manufacturing was criticised by analysts. The president also advocated for an excise tax on single-use plastics, tax on digital services, reform of the military's pension system, and several other priority measures. However, proposed amendments to the Bank Deposit Secrecy Law, a crucial step in escaping the Financial Action Task Force’s gray list, was absent from his speech.


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