Thread by @cnnphilippines

THREAD: The Senate Committee on Finance holds a hearing on the proposed 2022 budget of the Department of Finance and attached agencies | LIVE bit.ly/3nNkOgX

Updates by our digital producer @kristellimpot

Finance Sec. Carlos Dominguez III presents DOF's accomplishments, says Duterte admin is the first in PH history to "dramatically reduce income tax rates twice" and "increase excise taxes on sin products three times in a single presidential term"

Finance Sec. Dominguez: Our interventions to save lives and rescue the economy have been both prompt and effective

LOOK: Overview of DOF's ₱23.18-B proposed 2022 budget

Finance Sec. Dominguez says the 32.65% increase in funds will go to modernization and digitalization programs that will enhance revenue enforcement capacity and help with pandemic response and economic recovery, among others

Finance Sec. Dominguez provides a breakdown of allotments for the different attached agencies, where the DOF seeks an increase in funding

Finance Sec. Dominguez on proposed abolition of PS-DBM and PITC: I believe it’s worth looking at. I think all gov’t agencies should be regularly reviewed for possible abolition

Sen. Imee Marcos on proposed abolition of PS-DBM, PITC: I just filed a bill, and I’m hopeful the DOF could have a look at it so we can rightsize

Sen. Joel Villanueva notes COA chair Michael Aguinaldo also backs the move

BOC commissioner Rey Leonardo Guerrero reports progress in the National Single Window program

Sen. Marcos: So yung agricultural smuggling ay maususpil na sa wakas?

Guerrero: Hopefully, especially with the establishment of the agricultural commodities examination areas

National Treasurer Rosalia de Leon says 9.7% of the country’s debt maturity profile constitutes short-term obligations, while 25.2% are mid-term and 65.1% long-term

BLGF Director Niño Raymond Alvina says they are investing ₱207M to train LGUs in property tax administration. He says the program is multi-year and will run until 2024

Finance Sec. Dominguez says 86% of DOF personnel have been vaccinated against COVID-19 as of last week

For BIR, Commissioner Caesar Dulay says around 1,500 of their NCR employees, or “close to 100%" of the region's total, have received their anti-COVID shot

Sen. Villanueva asks Finance Sec. Dominguez on his thoughts on the creation of the Department of Migrant Worker and Overseas Filipinos

Dominguez: We have written our comment and we’ve said we support it

Sen. Marcos asks how ready BLGF is, "a small office," to enact the real property valuation reform should it be passed into law

BLGF Dir. Alvina: We are readying for its implementation. In the bill, we are proposing addt'l staff for the central and regional offices

Sen. Marcos: Are there any other industries we’re looking at that will need bailing out in the near future?

Finance Sec. Dominguez: The GUIDE bill, pending in the Senate, was put up in anticipation of the needs of systemically important companies in PH (1/2)

Dominguez says these will most likely include companies in the hotel industry, health service, and shipping (2/2)

Finance Sec. Dominguez on GUIDE bill: We proposed that the companies set up under GUIDE will allow investments from the private sector and int’l institutions. I think that will help a lot in assuring the public that the decisions will be rational and will not include favoritism

The Senate Committee on Finance suspends hearing on the DOF’s proposed 2022 budget