On 09 December 2013, the Protocol Amending the Convention for the Avoidance of Tax Exemption was signed by Department of Finance Secretary Cesar V. Purisima and Italian Ambassador to the Philippines Massimo Roscigno.

The Protocol, which was originally signed in Rome in December 1980 and entered into force in June 1990, guarantees compliance of both parties to international tax standards and conveys their willingness to exchange information on tax matters. This historic signing of the Protocol is also expected to increase investor confidence in both countries. END