Good day. Here are the stories for The Manila Times for Tuesday, July 26, 2022.

READ: Tax reform key to growth – Marcos

PRESIDENT Ferdinand "Bongbong" Marcos Jr. on Monday pledged to reform the country's tax system and pump up spending on infrastructure to attain an 8-percent economic growth during his term. In his first State of the Nation Address (SONA), Marcos said his administration will implement sound fiscal policy management to make up for the huge losses from the Covid-19 pandemic. The President vowed to promote productivity-enhancing investments through the Corporate Recovery and Tax Incentives for Enterprises Law, and spur economic liberalization through the Public Service Act. He promised to fully support ecozones to bring in strategic industries such as high-tech manufacturing, health and medical care. Marcos said his government will recalibrate the country's tax system to dovetail it to the needs of a digital economy. He said this might require the imposition of a value-added tax on digital service providers. The President vowed to simplify tax compliance procedures for the taxpayers' convenience.

READ: Marcos vows to defend PH territory

Get the latest news
delivered to your inbox
Sign up for The Manila Times newsletters
By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.

Also, Marcos vowed he will not give up "even a square inch" of Philippine territory to any foreign entity. Maintaining friendly relations with other countries reaps tons of benefits, the President said, citing as an example how nations of different political stripes came to the Philippines' aid at the height of the coronavirus pandemic. But while the Philippines is indebted for the kind acts, it will not yield to any outside pressure, and his administration will always choose diplomacy in resolving disputes, Marcos said. The Philippines has long been engaged in a territorial dispute in the West Philippine Sea with China.

READ: Marcos wants to condone agrarian reform loans

In addition, Marcos urged Congress to pass a law condoning the loans of agrarian reform beneficiaries, saying it will ensure the success of his administration's food security program. He said the proposed measure will write off the beneficiaries' unpaid amortization and interest payments. The President said the measure will cover the "P58.125 billion benefiting around 654,000 agrarian reform beneficiaries and involving a total of 1.18 million hectares of awarded lands." He said Section 26 of Republic Act (RA) 6657, or the "Comprehensive Agrarian Reform Law of 1988," needs to be amended to unburden the farmers of their loans and interests. Under Section 26, the lands awarded will be paid for by the beneficiaries to the Land Bank of the Philippines in 30 annual amortizations at 6 percent interest per annum. Marcos also said agrarian reform beneficiaries who have yet to receive the land awarded to them under the Comprehensive Agrarian Reform Program will receive it without paying amortization.

READ: Marcos bats for mandatory ROTC

The President bared several of his proposals to improve the government's defense structure in the address. The establishment of a Medical Reserve Corps (MRC), amending the "antiquated" National Defense Act, and the reinstitution of the mandatory Reserve Officers' Training Corps (ROTC) and National Service Training Program will be among his administration's priority legislative measures.

READ: Marcos to build 'specialty hospitals'

Marcos pushed for the creation of more "specialty hospitals" in other parts of the country to enhance the delivery of health care to Filipinos living in far-flung rural areas. At the same time, Marcos assured the public that there will be no more lockdowns despite the increase in Covid-19 infections. The President stressed the importance of having the health care system close to the community, especially in the rural areas lacking medical and health workers.

BUSINESS: BSP implements DMFAS

In other news, to business, the Bangko Sentral ng Pilipinas (BSP) announced it has completed the enhancement of its external debt monitoring and analysis by shifting to the latest version of the Debt Management and Financial Analysis System (DMFAS). Its latest version, DMFAS 6, has strengthened security to ensure data integrity and confidentiality and an enhanced user experience and navigation. It also offers updated analytical and managerial tools for debt portfolio analysis and reporting.

SPORTS: Obiena resets Asian record, wins bronze at World Athletics

ERNEST John "EJ" Obiena reset the Asian men's pole vault record en route to capturing the bronze medal at the World Athletics Championships in Eugene, Oregon, USA. He is the first Filipino to win a medal in the prestigious meet. Obiena cleared the 5.94-meter bar in his second attempt on Monday (Manila time) to finish third behind American Christopher Nielsen, who cleared the same height but bagged the silver after the countback. Sweden's Armand Duplantis wrapped up the World Athletics Championships in stunning fashion, setting a new world record of 6.21 meters in the pole vault as the curtain came down on the 10-day global track and field extravaganza.

READ: Opinion and editorial

Antonio Contreras and Yen Makabenta are today's front page columnists. Contreras tackles an "inflation" of honor and academic ranks, while Makabenta tackles various topics on local issues.

Today's editorial tackles political trolling on social media. Read a full version on the paper's opinion section or listen to the Voice of the Times.

For more news and information, get a copy of The Manila Times on print, subscribe to its digital edition or log on to www.manilatimes.net. Follow us on Twitter, Facebook or Instagram and Keep Up With The Times.

On behalf of The Manila Times, this is Aric John Sy Cua reporting. Have a safe Tuesday ahead.