Trade and Industry Secretary Ramon Lopez attended the initial public hearing for the Tax Reform for Acceleration and Inclusion Package 2 (TRAIN 2) I atn the House of Representatives, Quezon City on 22 May 2018. In his remarks, he stated that “the DTI supports the proposed reforms on the existing incentive regime, making it more modern, relevant, responsive, competitive, pro-business and pro-investments.” Secretary Lopez further stated, “we adhere to the principle that the incentives to be provided by the Investment Promotions Agencies (IPAs) will be focused, time-bound performance-based and transparent.”

 

The DTI and Department of Finance (DOF) are closely collaborating to provide a unified impact to the drafting of the bill and in engaging the different stakeholders all over the country; as well as preparing the different IPAs on how to maximize the benefits from possible changes of the proposed Package 2 of the TRAIN.

 

Also at the hearing are DOF Secretary Carlos “Sonny” Dominguez, National Economic Development Authority (NEDA) Director-General Ernesto Pernia, DOF Undersecretary Karl Chua, and DTI Undersecretary Ceferino Rodolfo.?