The Philippines Department of Finance has announced that it has formally submitted to the House of Representatives the second package of the Comprehensive Tax Reform Program (CTRP), which includes measure for corporate tax reform. The second package provides for a gradual reduction in the corporate tax rate from 30% to 25%, as well as amendments to make incentives more performance-based, targeted, time-bound, and transparent. Subject to approval by both the House and the Senate, the reform measures will likely apply from 1 January 2019. Details of the package will be published once available.