The Department of Finance (DOF) has launched nationwide stakeholder consultations for the proposed Promoting Growth, Revenue, and Equity towards Socio-Economic Sustainability (ProGRESS) bill, underscoring direct public input to shape tax reforms that offer meaningful financial relief to individuals and small businesses.

The DOF said Wednesday’s consultation highlights the Marcos administration’s commitment to pursuing tax reforms through transparency, stakeholder engagement and evidence-based policymaking.

“(These ensure) that reforms strengthen the economy while promoting a fairer and more sustainable tax system for all Filipinos,” it said in a statement Thursday.

The proposed ProGRESS bill aims to balance meaningful tax relief for Filipinos with stronger revenue generation to fund essential public services and long-term development.

The bill raises the annual personal income tax exemption threshold from PHP250,000 to PHP350,000. This change will benefit millions of taxpayers, saving individual workers up to PHP 17,500 depending on their tax bracket.

It also exempts micro and small enterprises from the Minimum Corporate Income Tax to relieve their financial burden.

The bill also includes revenue-enhancing measures on products with high social, environmental, and health costs. These revenues will directly fund priority programs, including the Universal Health Care (UHC) Act.

It likewise seeks to impose a higher excise tax on vehicles valued above PHP8 million, while increasing taxes on other non-essential goods and expanding coverage to include private sea vessels and aircraft.

The package proposes a 15-percent Global Minimum Tax on large multinational enterprise groups, ensuring that the Philippines collects its fair share of taxes on income earned in the country and helping preserve its taxing rights.

To ensure diverse regional perspectives are included, the DOF is taking the consultative roadshow across the country. Following the initial kickoff, the next leg of public discussions is scheduled for Sept. 11, 2026, at the PonteFino Hotel in Batangas City.

The inputs gathered from the nationwide consultations will be consolidated and considered in refining the ProGRESS bill.

“We will continue to dialogue with our stakeholders and carefully consider their concerns as we refine ProGRESS. Our goal is for the final legislation to strike the right balance —support our people and businesses, strengthen our fiscal position, and build a more inclusive and resilient economy,” DOF-Fiscal Policy and Monitoring Group Undersecretary Karlo Fermin Adriano said. (PNA)