Tax and Financial Services Advocacy Paper 2018
Despite the uncertainties in market conditions, the Philippine banking system sustained its growth in 2017 with a positive performance. This has been supported by the Bangko Sentral ng Pilipinas’ (BSP’s) sustained implementation of proactive reforms. Banks’ commitment to these reforms and prudent risk-taking ensure the stability and soundness of the financial system. Tax reform regime has likewise been implemented in the past year, with the enactment of TRAIN (Tax Reform for Acceleration and Inclusion) Law , and the ongoing discussions on Package 1B and 2 this 2018.