SECRETARY Frederick D. Go, the special assistant to the President for investment, said a roadshow is being planned next year for the US, Japan, South Korea, and the European Union upon completion of the implementing rules and regulations (IRR) of the amended Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. Mr. Go said in a statement over the weekend that the roadshow aims to highlight the advantages of the CREATE to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
“The Board of Investments, together with the investment promotion agencies, is organizing a roadshow to all the countries that have great interest in investing in the Philippines,” according to Mr. Go, who heads the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA).
According to OSAPIEA, the US delegation at the third Luzon Economic Corridor (LEC) Steering Committee held last month proposed the roadshow showcasing CREATE MORE.
“The IRR is expected to be completed by February. We’re waiting for the IRR before we do that roadshow,” Mr. Go said.
On Nov. 11, President Ferdinand R. Marcos, Jr. signed into law the CREATE MORE Act, which further reduces the corporate income tax to 20% from 25% for registered business enterprises.
The signing of the law boosted the LEC initiative, which attracted attention from the country’s trilateral partners: the US and Japan, OSAPIEA said.
“During the 3rd LEC Steering Committee meeting, representatives from both countries expressed their interest in the potential of this new investment-inducing law to attract greater participation and investments from like-minded nations and the private sector,” OSAPIEA said.
“The US delegation highlighted the CREATE MORE Act as a pivotal tool for enhancing investment opportunities within the LEC framework,” it added. — Justine Irish D. Tabile