Manila, Oct. 29 -- The Department of Finance (DOF) is hoping for the immediate passage of the proposed Promoting Growth, Revenue, and Equity towards Socio-Economic Sustainability (ProGRESS) bill.

"We want it as soon as possible because there's a real need for it to be passed within the year. It looks like baka hindi na within the year because we're still in the Lower House, but as soon as possible," DOF Fiscal Policy and Monitoring Group Undersecretary Karlo Fermin Adriano said at a briefing late Wednesday.

The DOF is ready to address concerns raised by lawmakers and stakeholders to help expedite the measure, he added.

The proposed bill seeks to ease taxpayers' burden while ensuring sufficient revenues for essential public services and...