The Asian Development Bank reportedly has asked Philippines President Benigno Aquino III to consider giving tax breaks to credit cardholders in the country to encourage more card use.
According to a report in the Manila Standard, officials from the bank made the request during a meeting with Aquino and the government’s finance secretary. The officials urged them to offer the tax reductions as an incentive to increase credit card use, which would provide the government with a documentation trail of card purchases.
However, a spokesperson for Aquino later stated that the proposal will be considered but was not a priority, the daily newspaper reported.
The Asian Development is a regional development bank established in 1966 to facilitate economic development of Asian countries. The bank would not comment on the specifics of the meeting between the president and bank officials but confirms that the topic of tax breaks was on the agenda.
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