Mexican IT...

“We will be happy to certainly host you here,” Dominguez told Lozano. “As you know, the tariff rates among ASEAN countries is now quite low, In fact zero in most cases and this is an opportunity for your companies to come and set up manufacturing here.”

Lozano said a series of consultations tentatively scheduled in March in Mexico between Philippine and Mexican officials woud be a good opportunity to expand political and economic ties between the two countries.

“We are planning to invite some Philippine businessmen to join the delegation to come in order to meet Mexican businessmen and discuss opportunities for new businesses,” Lozano said.

During the meeting, Dominguez also thanked the Mexican government for hosting the tax reform team sent by the Philippines’ Department of Finance to Mexico last year to study the tax on sugar-sweetened beverages (SSBs).

“They brought back a lot of ideas (from Mexico). As a result of the tax team’s consultation, we were able to pass a sugary tax law last month,” Dominguez told Lozano.

The tax on SSBs is among the provisions of the Tax Reform for Acceleration and Inclusion Act (TRAIN), which was signed into law by President Duterte last Dec. 19 and that took effect last Jan.

During the meeting, Dominguez also briefly informed Lozano about the other provisions of TRAIN such as the reduction of the personal income tax rates, and the corresponding upward adjustments on consumption taxes.

The finance chief also discussed the succeeding tax reform packages covering corporate taxation and the modernization of fiscal incentives; the taxes on tobacco, alcohol, mining, coal, and casinos; property taxation; and passive income and financial taxes.

He likewise apprised Lozano of the rollout of infrastructure projects under the government's "Build Build Build" program. (CSL)