Palace: Tax changes up to Marcos administration

The incoming Marcos administration will decide whether additional taxes will be imposed to generate more revenues for debt payments, according to Malacañang.,Acting presidential spokesperson Secretary Martin Andanar said Thursday that the finance department’s proposal to raise taxes or defer tax exemptions would be left to the next economic managers.,“We leave this matter, and other ways to mobilize resources, to the wisdom of the President-elect’s economic team,” Andanar said in a statement.,Finance officials said earlier this week that they recommended a “doable” set of measures to pay the country’s debts, including raising revenues, improving tax administration, and cutting unnecessary spending with fiscal reforms.,The outgoing Duterte administration incurred nearly P13 billion worth of debt to boost the Philippines’ Covid-19 war chest.,The nominated members of President-elect Bongbong Marcos Jr.s’ economic team have yet to publicly comment on the proposal of the finance department.,Under the Marcos administration, Bangko Sentral ng Pilipinas Governor Benjamin Diokno is set to lead the finance department, while Monetary Board Member Felipe Medalla will take the helm of the central bank.,He asked former National Economic and Development Authority chief Arsenio Balisacan to return to the agency.,Former University of the Philippines president Alfredo Pascual will serve as trade secretary under the incoming administration.