The House of Representatives has taken a significant step towards increasing funding for the country’s development projects by approving two bills on second reading. The first bill seeks to leverage official development assistance (ODA) with other sources of funding, while the second proposes a value-added tax (VAT) refund for foreign visitors.
The bill amending the Official Development Assistance law aims to expand the sources of financing for development projects in the Philippines. It seeks to allow the government to combine ODA with other funding sources such as loans, grants, and guarantees from multilateral institutions like the World Bank and the Asian Development Bank, among others. By expanding the financing options available, the government hopes to increase its capacity to implement more development projects that will benefit the Filipino people.
Meanwhile, the second bill proposes to grant VAT refunds to foreign visitors to the Philippines. The proposed legislation seeks to make the country’s tourism industry more competitive by providing incentives to foreign tourists. Currently, foreigners have to pay a 12% VAT on their purchases in the country, including hotel accommodations, food and beverages, and other goods and services. Under the new measure, they will be entitled to receive a refund of the VAT paid during their stay in the country, subject to certain conditions and limitations.
Both bills were approved by viva voce vote during the plenary session on Wednesday, demonstrating the strong support of lawmakers for these measures. These proposed laws are expected to have a significant impact on the country’s economic development, particularly in the areas of infrastructure, tourism, and job creation.
The approval of these bills is also a testament to the government’s commitment to pursuing sustainable and inclusive growth for the country. With the expansion of financing options for development projects, the government can create more opportunities for Filipinos to improve their lives and contribute to the country’s progress. Likewise, the proposed VAT refund scheme for foreign visitors can help boost the tourism industry, which is a major source of employment and economic growth for the Philippines.
Overall, the approval of these bills is a positive development that underscores the importance of cooperation and partnership in achieving national goals. As the country continues to face various challenges, including the ongoing pandemic, it is crucial for lawmakers and policymakers to work together towards building a better future for all Filipinos.
