The Philippine government is actively revising double taxation agreements (DTAs) with three key investment partners and pursuing fresh treaties with seven more countries, the Department of Finance (DOF) announced on Wednesday.
Finance Secretary Frederick Go told reporters that renegotiations are underway with Hong Kong and Singapore, while an updated pact with Japan—though already signed—still awaits presidential ratification to take effect.
On the new front, the DOF is working on DTAs with Liechtenstein, Cambodia, Laos, and Ireland, which are at various stages of negotiation or signing. Meanwhile, talks with Malaysia, Luxembourg, and South Korea remain in early phases, with the government still securing authority to negotiate.
Double taxation treaties define taxing rights between countries and prevent investors from being taxed twice on the same income. The Philippines currently has 44 such agreements in place.
"These treaties are crucial to making the Philippines a more attractive investment destination," Go said. The renewed push aligns with the government's broader strategy to boost foreign capital inflows and strengthen economic ties.