CREATE bill to attract more investments, save and create jobs, Department of Finance seeks swift passage of the (Corporate Recovery and Tax Incentives for Enterprises) Act, otherwise known as the CREATE Act.
This was stressed by Finance Secretary Carlos Dominguez III in a online briefing Tuesday, adding only the industries that authorities consider will have greater impact on the economy will be prioritized.
“You only want the companies that will fit what you want to happen in the Philippines,” he said.
Dominguez said CREATE addresses these issues because it ensures that the incentives to be given to investors are performance-based, time-bound, targeted, and transparent.
He said the crisis caused by the coronavirus diseases 2019 (Covid-19) pandemic “allowed us to see more clearly our country’s strengths and weaknesses.”
He admitted this measure is revenue eroding but added this will be “the largest fiscal stimulus program for enterprises in the country’s history.”
Dominguez said this measure will “improve the ability of the Philippines to attract highly desirable investments that will serve the public interest.”
“Overall, CREATE is a generous proposal that addresses most, if not all, of the concerns raised with us before by businesses and industry groups. We understand where businesses are now, and we have proactively made adjustments to help them from the taxation side. Once the country’s economic situation improves, our policy response will change accordingly. These amendments, in other words, are on offer for a limited time only,” he said.
Senator Pia Cayetano vowed to strongly push for the measure’s immediate approval but admitted that there are lots of measures that lawmakers are tackling right now.
“If it’s not passed in the next five session days, then the commitment is to really pass as soon as we resume because I believe that more than a majority of the Senators are supportive. It’s just a question of what bills will be prioritized,” she said. More..
-Stockbytes PH, May 27, 2020
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