The Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII), led by its president Dr. Cecilio Pedro, visited the Department of Finance (DOF) on Aug. 7, 2024 to discuss various economic concerns, including the impact of inflation on businesses.
DOF Secretary Ralph Recto and other key officials, including Undersecretary Maria Luwalhati Dorotan-Tiuseco and assistant secretary Gerald Alan Quebral welcomed the delegation.
FFCCCII executive vice president Victor Lim, vice presidents David Chua and Jose Go and other committee leaders were also present during the visit.
The chamber focused on taxation, politics and legislative affairs and expressed its commitment to promoting Philippine economic prosperity.
Pedro raised concerns on rising inflation, which led to significant increases in transportation costs. He pointed out that shipping companies raised their terminal fees, contributing to a substantial rise in product prices.
Pedro also asked Recto to look into the authority of the Bureau of Customs, which is part of the DOF, to effectively address issues.
He also highlighted FFCCCII’s active participation in various government initiatives, including the Construction Industry Authority of the Philippines (CICAC), the Bureau of Internal Revenue (BIR) Advisory Committee, the enforcement of Presidential Executive Order 23 and the Technical Working Group on Real Estate Valuation.
Both parties discussed proper taxation procedures and ways to address frequently-asked questions regarding tax charging and payment.
Recto acknowledged the chamber’s long-standing support for the DOF and assured the delegation that the department is committed to simplifying business governance procedures and improving the overall business environment in the country.
FFCCCII said it is dedicated to working with the government to support national policies, promote the growth of trade industries in the country and address trade abuses.
