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Under Train, procedures needed to address deformities from congenital or developmental defects or abnormalities, personal injury, accidents or trauma, disfiguring diseases, tumors, viruses or infections will not be taxed.Under Train, an increase in the value added tax (VAT) threshold from P1.9 million to P3 million is also expected.Estate tax – or the tax on the right of a person to transfer his or her state to lawful heirs and beneficiaries at the time of death or on certain transfers – was previously levied based on a tax schedule where an estate worth P200,000 and over was taxed between 5% to 20%.To help heirs settle expenses relating to the passing of the deceased person, the Train bill also increased allowable withdrawals from the deceased person’s account to any amount, subject to a 6% final withholding tax."This is a positive development," said Michael Wan, analyst at Credit Suisse in Singapore.

"We are now ready for the TRAIN to leave the station," Dominguez said in a statement.

Ahead of the release of his debut project, Cam teams up with Smino for his first single, "Tender Headed." Produced by Cam himself, the track features smooth production as Cam raps over a loop of himself singing "ooh ahh" and a baby laugh."Remember when I was a kiddo, growin' up in the middle/Windows lining my smile, silver teeth underneath my pillow/A nigga had a nappy head like a Brillo pad/Sister said I need to do somethin' about them beedy-beed naps," Cam spits, reminiscing about the days of his youth.

Along with some extra help from producer Dee Lilly, Cam revealed on Twitter that the baby laughs heard on the song come from his nephew.

The government's tax reform initiative was one of the reasons cited by Fitch Ratings when it upgraded the Philippines' sovereign credit rating on Monday, aligning it with those of peers Standard & Poor's and Moody's Investor Services.

"We estimate the bill to be net revenue positive," Fitch said in a statement, adding it bodes well for progress of other reforms over the next couple of years.