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Abante to DOF: Explain ‘dissonance’ between economic projections, actual numbers

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House Minority Leader Benny Abante set the ball rolling in the interpellation of the P4.1 trillion budget proposal for 2020 by asking the Department of Finance why there was always a disparity between its economic projections and actual numbers.

The Manila lawmaker pointed out that the DOF had been asking Congress to legislate “far-reaching tax reforms” on the basis of economic projections that turned out to be much different from the actual numbers.

“Mr. Speaker, given the foregoing, the members of the Minority will be asking our friends from the DOF to better explain their projections and assumptions,” he said.

“Because as I pointed out earlier, in recent years there appear to be some dissonance between the figures we in Congress have been told to expect and the actual numbers that later came in,” Abante said.

“In the 17th Congress, we passed the TRAIN Law, while in this Congress we are being asked to enact the administration’s second tax package, the TRABAHO Law, which aims to reduce the corporate income tax rate from 30 percent to 20 percent and broaden the tax base by removing some of the preferential or lower corporate tax rates under the Tax Code,” he said.

“Should we expect more of the same, or is the DOF ready to give a more candid assessment of its revenue generation efforts moving forward?” Abante said.

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