According to a release published 2 August 2016, the Philippine Department of Finance (DOF) has begun "fleshing out" President Duterte’s tax reform plans to make the tax system fairer for the middle class and to bring corporate tax rates to competitive levels. According to the release, the DOF will focus on growing the middle class and energizing businesses by lowering personal and corporate income taxes rates. To offset the lower rates, the government will broaden the tax base, reform the col…