Business groups welcome Marcos commercial promises, online VAT

PRESIDENT FERDINAND R. MARCOS JR. delivered his first State of the Union address during the joint session of the 19th Congress at the Batasan complex in Quezon City on July 25. – PHILIPPINE STAR/KRIZ JOHN ROSALES

Through Revin Mikhael D Ochave, reporter

LOCAL BUSINESS GROUPS welcomed President Ferdinand R. Marcos, Jr.’s economic recovery plans and proposed legislative measures that include imposing a Value Added Tax (VAT) on digital transactions.

“We welcome his proposal to tax online transactions, giving online retailers the same tax burden as in-store retailers. Great opportunity for new government revenue streams and a level playing field with traditional retailers,” said Roberto S. Claudio, vice chairman of the Philippine Retailers Association (PRA). business world via cellphone message.

In his first State of the Union address, Mr. Marcos pushed for a sales tax on digital services, which he said would initially generate 11.7 billion pesos in revenue if introduced in 2023.

British Chamber of Commerce Philippines executive director Chris Nelson said in a cellphone interview that they were “very pleased” with Mr Marcos’ plans, adding it was a “good start”.

He said they welcomed Mr Marcos’ statement that there would be no further lockdowns in a bid to contain infections of the 2019 coronavirus disease (COVID-19).

“I am very happy to hear that there will be no further lockdowns. It is clear that these lockdowns have had a significant impact on the economy. It’s good to hear that,” said Mr. Nelson.

Jose Maria A. Concepcion III, founder of Go Negosyo and a member of Mr. Marcos’ private sector advisory board, said in a Viber message that the private sector can recover from the pandemic when lockdowns that have disrupted business are lifted Activity.

“We are grateful to President Marcos for his assurance that there will be no further lockdowns being imposed in the country. This is what the private sector and MSMEs need as it allows for a full recovery from the pandemic,” Mr Concepcion said.

The government’s implementation of a strict and prolonged lockdown to curb COVID-19 infections has been blamed for the Philippine economy’s record 9.6% contraction in 2020.

Makati Business Club (MBC) Executive Director Francisco “Coco” Alcuaz, Jr. said in a Viber message that Mr. Marcos’ plans for the agricultural sector are highly welcomed and long overdue.

“Promoting credit, affordable inputs, and research and development will help end the plight of our underprivileged farmers and fishermen,” Mr Alcuaz said.

Meanwhile, the President of the Tourism Congress of the Philippines (TCP), Jose C. Clemente III, expressed his support for Mr. Marcos’ plan to build additional international airports.

“We support this statement and hope that with the plan to create and modernize airports, more effort and resources can be put into attracting more international airlines to fly in, while improving the conditions for our country’s airlines to fly more.” can perform,” said Mr. Clemente said in a text message.

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