Manila Times
Upholding Truth. Empowering the Philippines
Saturday, May 31, 2025
The Nation's Story is Told with Honor
Philippine Finance Secretary Emphasizes Need for a Compassionate Tax System
Ralph G. Recto highlights the mission of the National Tax Research Center during its 65th anniversary, advocating for a transparent and fair tax system.
In a recent address marking the 65th anniversary of the National Tax Research Center (NTRC), Philippine Finance Secretary Ralph G. Recto underscored the importance of a tax system that is simple, transparent, and compassionate.
He articulated that such a system is essential for enabling the government to fulfill its obligations without burdening future generations.
Recto, in his remarks delivered on May 28, 2025, outlined that the NTRC's next chapter should focus on creating a more inclusive system of tax collection, allocation, and explanation.
He noted that the NTRC, which has been an integral part of the Department of Finance (DOF) since its formal establishment in 1960, holds the primary responsibility for conducting ongoing research on taxation to enhance the country's tax framework and increase public awareness of tax responsibilities.
Over the years, the NTRC has provided policymakers with data-driven insights crucial for assessing various revenue reform proposals that align with national economic goals while addressing both domestic and international taxation challenges.
Recto praised the agency's longstanding contributions to the fiscal landscape, characterizing taxes as foundational to governance and reflecting the collective aspirations and responsibilities of the Filipino people.
In his speech, he made local references to demonstrate the tangible impact of tax revenues, including references to education facilities in Sulu, infrastructure for farmers in Isabela, and accessible healthcare in Manila.
Recto emphasized that taxes are not merely a governmental fund but a measure of societal compassion and mutual support.
Furthermore, he reinforced the NTRC's pivotal role in maintaining the integrity of the tax system by challenging ill-conceived policies and fostering legislation that serves the public good.
He articulated a call for the agency to continue its essential work in making taxes fairer and more humane.
The NTRC has actively engaged with various stakeholders to support the passage of key revenue measures in Congress.
Serving as the secretariat to the Fiscal Incentives Review Board (FIRB), the NTRC has been instrumental in evaluating incentives granted to major investment projects, thereby helping to drive inclusive and sustainable economic growth.
Reflecting the digitalization agenda of President Ferdinand R. Marcos Jr., the NTRC has initiated significant upgrades to the Fiscal Incentives Registration and Monitoring System (FIRMS), which commenced in 2024. This upgrade aims to simplify the processes related to the application, registration, and monitoring of tax incentives for investment promotion agencies and registered business enterprises.
In its commitment to fostering tax awareness and education, the NTRC consistently produces and disseminates accessible tax information through publications, including the Tax Research Journal and the FIRB Imprint, along with monthly e-newsletters, all made available on the NTRC and FIRB websites.
He articulated that such a system is essential for enabling the government to fulfill its obligations without burdening future generations.
Recto, in his remarks delivered on May 28, 2025, outlined that the NTRC's next chapter should focus on creating a more inclusive system of tax collection, allocation, and explanation.
He noted that the NTRC, which has been an integral part of the Department of Finance (DOF) since its formal establishment in 1960, holds the primary responsibility for conducting ongoing research on taxation to enhance the country's tax framework and increase public awareness of tax responsibilities.
Over the years, the NTRC has provided policymakers with data-driven insights crucial for assessing various revenue reform proposals that align with national economic goals while addressing both domestic and international taxation challenges.
Recto praised the agency's longstanding contributions to the fiscal landscape, characterizing taxes as foundational to governance and reflecting the collective aspirations and responsibilities of the Filipino people.
In his speech, he made local references to demonstrate the tangible impact of tax revenues, including references to education facilities in Sulu, infrastructure for farmers in Isabela, and accessible healthcare in Manila.
Recto emphasized that taxes are not merely a governmental fund but a measure of societal compassion and mutual support.
Furthermore, he reinforced the NTRC's pivotal role in maintaining the integrity of the tax system by challenging ill-conceived policies and fostering legislation that serves the public good.
He articulated a call for the agency to continue its essential work in making taxes fairer and more humane.
The NTRC has actively engaged with various stakeholders to support the passage of key revenue measures in Congress.
Serving as the secretariat to the Fiscal Incentives Review Board (FIRB), the NTRC has been instrumental in evaluating incentives granted to major investment projects, thereby helping to drive inclusive and sustainable economic growth.
Reflecting the digitalization agenda of President Ferdinand R. Marcos Jr., the NTRC has initiated significant upgrades to the Fiscal Incentives Registration and Monitoring System (FIRMS), which commenced in 2024. This upgrade aims to simplify the processes related to the application, registration, and monitoring of tax incentives for investment promotion agencies and registered business enterprises.
In its commitment to fostering tax awareness and education, the NTRC consistently produces and disseminates accessible tax information through publications, including the Tax Research Journal and the FIRB Imprint, along with monthly e-newsletters, all made available on the NTRC and FIRB websites.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
