eseoulpost
BusinessPhilippines
DOF: Tax reform fueling PH growth
min  |  min
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
승인 2018.05.13  
트위터 페이스북 미투데이 요즘 네이버 구글 msn
   

MANILA -- The Department of Finance (DOF) said the first package of the Tax Reform for Acceleration and Inclusion (TRAIN) Law provides ample fiscal space for the government to fund programs that support economic growth.

In its Economic Bulletin on GDP, the department said Package 1 of the TRAIN Law will bring in additional resources for the government to finance its Build Build Build Program, as well as greater spending on social services.

“These investments are game-changing in the sense that they catalyze further investments, which, in turn, drive investment-led growth, generate meaningful employment, and subsequently reduce poverty,” the DOF said.

On Thursday, government data showed that gross domestic product (GDP) in the first quarter of 2018 grew by 6.8 percent, led by industry at 7.9 percent, services at 7 percent, and agriculture at 1.5 percent.

The DOF noted that aside from strong household consumption, government consumption was also robust in Q1 2018.

Government consumption increased by 13.6 percent in Q1 2018, a big jump from Q1 2017’s growth of 0.1 percent. This also surpassed household consumption in January to March 2018, which grew by 5.6 percent compared to the same period last year.

Government data also showed that tax revenues increased by 14.3 percent in the first three months of the implementation of the TRAIN Law, higher than the 13.4-percent increment in tax revenues in the same period last year.

The TRAIN Law provides new sources of tax collection for the government, such as excise taxes on oil products, automotive vehicles, and sugar-sweetened beverages.

The additional tax collection is intended for the government’s Build Build Build Program to improve infrastructure and connectivity throughout the archipelago, as well as enhance the quality of the local workforce by investing in human capital development.

“Strong macroeconomic fundamentals, such as strong external position and ample fiscal space, will continue to sustain the momentum for high growth,” the DOF said. (PNA)

 

< 저작권자 © eseoulpost 무단전재 및 재배포금지 >
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
트위터 페이스북 미투데이 요즘 네이버 구글 msn 뒤로가기 위로가기
이 기사에 대한 댓글 이야기 (0)
자동등록방지용 코드를 입력하세요!   
확인
- 200자까지 쓰실 수 있습니다. (현재 0 byte / 최대 400byte)
- 욕설등 인신공격성 글은 삭제 합니다. [운영원칙]
이 기사에 대한 댓글 이야기 (0)
Most Read
1
UAE establishing new sustainability model, investing in advanced sciences and national talent: Ministers
2
First Well Woman Conference 2019 opens in Abu Dhabi
3
Dubai to host 'Microsoft Ignite' conference on 27th March
4
Noura Al Kaabi visits new headquarters of Arabian Radio Network
5
Masdar to bring solar power to 'off-grid' communities around the world
6
III to bar China-made devices from accessing its internal network
7
Sheikha Fatima Field Hospital opens in Karachi
8
Top N. Korean official en route to Washington
9
MOFA thanks British-Taiwanese All-Party Parliamentary Group for support
10
ADGM launches Sustainable Finance Agenda to develop vibrant sustainable finance and investments hub
Photo News Green Biz
Plastic wastes from Korea legal: MisOr ecozone exec
Plastic wastes from Korea legal: M...
min
Spotlight on UAE's environmental efforts at Urban Sustainability Week
Spotlight on UAE's environmental e...
min
DEWA invites customers to take up Shams Dubai to generate onsite solar power
DEWA invites customers to take up ...
min
World Green Economy Summit to kick off in October
World Green Economy Summit to kick...
min
Abu Dhabi hosts The First Regional Biodiversity Forum in the Gulf Region
Abu Dhabi hosts The First Regional...
min
Photo News Sports
Koreas agree to formally inform IOC of intent to co-host 2032 Olympics
Koreas agree to formally inform IO...
min
Etisalat sponsors UAE Paralympics at Asian Para Games
Etisalat sponsors UAE Paralympics ...
min
Taichung to host first Asia-Pacific Youth Games in 2019: mayor
Taichung to host first Asia-Pacifi...
min
Asiad PHL gold winners come home
Asiad PHL gold winners come home
min
More history for Koreas in canoe; sport climber, hurdler grab gold medals
More history for Koreas in canoe; ...
min
Shooter wins Taiwan's 2nd gold at Asian Games (update)
Shooter wins Taiwan's 2nd gold at ...
min
Two taekwondo golds among 11 medals for S. Korea on Day 1
Two taekwondo golds among 11 medal...
min
Taiwan team wins first gold medal at Asian Games
Taiwan team wins first gold medal ...
min
Photo News World
Koreas agree to formally inform IOC of intent to co-host 2032 Olympics
Koreas agree to formally inform IO...
min
Etisalat sponsors UAE Paralympics at Asian Para Games
Etisalat sponsors UAE Paralympics ...
min
Taichung to host first Asia-Pacific Youth Games in 2019: mayor
Taichung to host first Asia-Pacifi...
min
Asiad PHL gold winners come home
Asiad PHL gold winners come home
min
More history for Koreas in canoe; sport climber, hurdler grab gold medals
More history for Koreas in canoe; ...
min
Shooter wins Taiwan's 2nd gold at Asian Games (update)
Shooter wins Taiwan's 2nd gold at ...
min
Two taekwondo golds among 11 medals for S. Korea on Day 1
Two taekwondo golds among 11 medal...
min
Taiwan team wins first gold medal at Asian Games
Taiwan team wins first gold medal ...
min
Photo News Opinion
3 dead, 2 missing after fishing boat capsizes off southern coast
3 dead, 2 missing after fishing bo...
min
Ex-Supreme Court chief to be grilled in power abuse probe
Ex-Supreme Court chief to be grill...
min
Samsung's Q4 operating profit tumbles 28.7 pct on tepid memory demand
Samsung's Q4 operating profit tumb...
min
Samsung's Q4 operating profit tumbles 28.7 pct on tepid memory demand
Samsung's Q4 operating profit tumb...
min
Court orders ex-President Chun to appear in libel case
Court orders ex-President Chun to ...
min
Central bank to continue accommodative monetary policy in 2019: BOK chief
Central bank to continue accommoda...
min
S. Korean economy to grow in mid-2 pct range in 2019: poll
S. Korean economy to grow in mid-2...
min
S. Korea's exports surpass US$600 bln for first time in 2018
S. Korea's exports surpass US$600 ...
min
Newspaper AboutNews ReportAdvertiseComplaintsPrivacy PolicyJuvenile protectionRejection of E-mail Collection
Gangnam-gu, Teheran 52 street in Tehran Bldg, 616(Yeoksam-dong)  |  Main Phone: 02) 563-0604  |  Fax: 02) 538-5665
Chairman : jeong-woo Lee  |  Advisor : byung-il Min  |  Publisher: jae-mo Kah  |  Editors: il-hong Kim
Registration Number 1928 Seoul ah  |  eseoulpost.com / eseoulpost.net / Global Korea.,Ltd
Copyright © 2011 eseoulpost. All rights reserved. mail to jaemokah@daum.com , kih10kr@empas.com/ www.globalkorea.info
arabafrica.net / UAE Interract / Emirtes News Agency(WAM)/ http://wam.org.ae / www.uaeinteract.com