APD | World bank executive lauds Philippines' proactive tax reform program

By APD writer Melo M. Acuña

**MANILA, June 7 (APD) ** – President Rodrigo Duterte’s “proactive and forward-looking” comprehensive tax reform program (CTRP) has caught the recognition of a top World Bank official.

In a statement, the Department of Finance said Lalita Moorty, World Bank Director for Macroeconomics, Trade and Investment said it is “quite a change” to see a country implementing tax reform proactively, looking confident for sustained growth. She was quoted saying other countries implement reforms only when they are in the middle of a fiscal crisis.

She described the Duterte administration’s efforts as “impressive” because the government has enabled the economy to “grow so much” even as it has managed to bring down debt-to-GDP (gross domestic product) ratio.

With the government’s efforts, Moorty expressed optimism the Philippines can aggressively increase its investments in infrastructure and social services.

In a recent forum on the Philippine economy in Washington, DC, Moorty said the Philippines is posting high-speed growth rates, “about three times of what we see in Europe and Central Asia.”

“When I think about comparing the Philippines to other parts of the world, it’s managed do to so much and grow so much while bringing its public debt-to-GDP rations down,” she said.

Finance Asst. Secretary Antonio Lambino II reported during a recent Department of Finance (DOF) executive committee meeting that when Moorty’s statements about the Philippines’ commendable growth performance were uploaded of the DOF’s Facebook page, the post was shared over 10,000 times, and had 27,000 likes and more than 2,000 mainly positive comments.

(ASIA PACIFIC DAILY)