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The Asian Development Bank is supporting the Philippine government in achieving its medium-term fiscal goals and promoting economic recovery by providing a US$400 million loan.
The loan is designed to improve revenue efficiency, with a particular focus on modernizing tax administration, systems and processes. ADB believes that this loan can help narrow the gap in the Philippine tax-to-GDP ratio, improve tax compliance, reduce tax avoidance, while raising more revenue from activities and products that have a significant impact on the environment or contribute to climate change.
ADB’s senior economist said the program would not only help increase incomes but also promote inclusion, encourage good governance, promote investment and job creation, reduce inequality and combat climate change.
(Source: inquirer Image source: freepik)
