Manila: The Philippines will be ‘future-ready’ through fair taxation, relief for workers, and measures to ease the cost of living, President Ferdinand R. Marcos Jr. said on Saturday. Before departing for his participation in the 47th Association of Southeast Asian Nations (ASEAN) Summit and Related Summits in Kuala Lumpur, Malaysia, Marcos stated that the government seeks to balance economic growth with people-centered policies aimed at strengthening both domestic welfare and regional competitiveness.

According to Philippines News Agency, the government is shifting its focus from routine auditing of compliant small and large businesses to scrutinizing ‘questionable projects’ that may require closer examination. Marcos emphasized the need to uphold fairness in the tax system, assuring micro, small, and medium enterprises, as well as large corporations that have been lawfully paying their taxes, that they will be treated justly.

Marcos further elaborated on the Department of Finance’s instructions to the Bureau of Internal Revenue to explore the possible exemption of certain taxpayer segments from the obligation to withhold and remit creditable withholding taxes. This includes the simplification and reduction of applicable creditable withholding tax rates, aiming to provide relief to taxpayers burdened by complex tax compliance requirements without forfeiting government revenues.

In addition, proposals to raise the ceilings for tax-exempt de minimis benefits for employees were highlighted. This includes increasing the uniform and clothing allowance from PHP7,000 to PHP8,000 annually, reflecting rising costs of living. Marcos emphasized that these changes are about fairness and dignity in the workplace, ensuring that every Filipino worker benefits from the nation’s growth.

Amid concerns over rising prices of basic commodities, Marcos reassured the public of the government’s strict enforcement and monitoring of the maximum suggested retail price for imported rice. He also reinforced his administration’s continued efforts to make affordable rice available through the government’s PHP20-per-kilo rice program. The Department of Trade and Industry is actively monitoring and working with manufacturers to temper prices, especially in time for the holiday season.