DoF’s Chua: Package 2 to create ‘millions of jobs’

“Millions of jobs” will be created if the government’s second tax reform package is approved by Congress, a senior Finance department official claimed on Tuesday, rejecting claims that the proposed law could lead to massive layoffs.

“[N]umber one, there … [will be a] significant reduction in CIT (corporate income tax) that creates a lot of new money to invest and expand and create jobs,” Finance Undersecretary Karl Kendrick Chua told reporters following the Senate’s first hearing on Package 2 of the government’s Comprehensive Tax Reform Program (CTRP).