Manila, Sept. 28 -- Broadening the tax base, improving collection efficiency, and making public spending more efficient and equitable will help the Philippines unlock between 3.6 percent and 7.1 percent of gross domestic product (GDP) in combined savings and additional revenue annually, the World Bank (WB) said in a report.

In its Philippines Public Finance Review report released Monday, the WB identified three categories of reform actions that the Philippines should implement to attain substantial fiscal gains.

According to the report, executive-led reforms including consolidated procurement, easier tax payments, streamlined corporate tax incentives, and tighter limits on unprogrammed appropriations offer the fastest route to fiscal sp...