MANILA, April 29 -- The chairperson of the House Ways and Means committee on Tuesday commended the Department of Finance's (DOF) decision to withdraw proposed increases in capital gains, donor's, and estate taxes as a "practical approach" that protects middle-class families while supporting economic stability.

In a statement, Albay Representative Joey Salceda reported that the DOF opted to shelve the proposal considering that the government is "on track to meet its fiscal consolidation goals" with a "double-digit growth in tax collection."

The scrapped tax proposals were originally included in the draft Capital Markets Efficiency Promotion Act (CMEPA), intended to strengthen fiscal buffers for economic shocks.

"It takes that kind of pr...