The Department of Finance (DOF) is hoping for the immediate passage of the proposed Promoting Growth, Revenue, and Equity towards Socio-Economic Sustainability (ProGRESS) bill.

“We want it as soon as possible because there’s a real need for it to be passed within the year. It looks like baka hindi na within the year because we’re still in the Lower House, but as soon as possible,” DOF Fiscal Policy and Monitoring Group Undersecretary Karlo Fermin Adriano said at a briefing late Wednesday.

The DOF is ready to address concerns raised by lawmakers and stakeholders to help expedite the measure, he added.

The proposed bill seeks to ease taxpayers’ burden while ensuring sufficient revenues for essential public services and long-term development programs.

Among its key provisions is raising the annual personal income tax exemption threshold from PHP250,000 to PHP350,000, potentially saving individual taxpayers up to PHP17,500 per tax bracket.

The measure also seeks to exempt micro and small enterprises from the minimum corporate income tax, providing additional relief to smaller businesses.

To help sustain government revenues, the bill proposes higher taxes on products associated with social, environmental and health costs. Proceeds would help fund the implementation of the Universal Health Care Act and other priority government programs.

Adriano said the DOF has held stakeholder consultations in Metro Manila, Cebu, Batangas and Baguio, with another meeting scheduled in Davao early next year.

The measure remains pending in the House of Representatives. The DOF is coordinating with the House Ways and Means Committee chair, Adriano said, adding that the latest communication indicated the bill could be passed by the chamber before the end of the year.

The department has also been coordinating with Senate Ways and Means Committee Chair Sen. Panfilo Lacson to help meet the target for the bill’s passage, he added.

Adriano said the measure is particularly important amid global economic shocks that have driven up commodity prices.

“It will increase the disposable income of our middle class wherein, as mentioned, there are many studies that show that our middle class are very vulnerable right now because of these external shocks,” he said.

On corruption concerns raised during consultations, Adriano said the DOF supports efforts to strengthen transparency and accountability in public spending.

“We mentioned several times to them that we’re one with them in asking for more transparency and accountability. And we’re one with them [in making sure] that definitely every peso collected and spent by the government should really translate to benefit to the people, not to certain pockets of certain people,” he said. (PNA)