Marcos Pushes for Swift Passage of Tax Relief, SME Support Bill

MANILA, Philippines — President Ferdinand Marcos Jr. wants Congress to act on a measure that seeks to recalibrate personal income taxes and provide relief to microenterprises, which he highlighted in his State of the Nation Address (Sona). "The president wants the Progress bill to be passed this year, if possible," Palace press officer Claire Castro said on Tuesday. The proposed legislation is expected to contribute to economic revitalization and the improvement of people's lives. Facing inflationary pressures and global economic uncertainties, the Philippine government is implementing measures to maintain the purchasing power of its citizens and support the sustainable growth of small and medium-sized enterprises (SMEs). Income tax reduction is anticipated to increase household disposable income and stimulate consumption. Furthermore, support for microenterprises is crucial for job creation and the revitalization of local economies. The deliberation and passage of this bill represent a significant step towards stabilizing and growing the Philippine economy. In terms of Japan-Philippines relations, a robust Philippine economy could lead to increased Japanese foreign investment and economic cooperation. In particular, if SME support measures bear fruit, the role of Philippine companies in the supply chain may expand, fostering deeper economic ties between Japan and the Philippines.