On behalf of MECO and the Philippine Department of Trade and Industry, I am honored to invite you or your representative to join us at this Investment Forum.
Dr. Ceferino S. Rodolfo, Undersecretary (Deputy Minister) of Trade and Industry, will deliver a keynote specifically highlighting the upcoming signing into law of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act which will revolutionize the way we are able to grant better, more competitive and more beneficial investment incentives to our corporate locators.
The forum will discuss valuable information and provide insights on the following:
Please find the attached event program and the forum poster for your reference. As this event has limited slots, kindly email us at email@example.com to confirm your place
Wake up in the Philippines! Definitely something to look forward to post-covid!
Until this pandemic is over, stay safe and travel the entire length of this country paradise virtually with this Complete Compilation of the 2020 Philippine Tourism Ad Campaign SeriesParagraph.
By Anna Leah E. Gonzales
THE Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi) on Tuesday backed the Philippine Economic Zone Authority’s (PEZA) proposal to create a separate set of incentives for export and domestic firms in the proposed second package of tax reforms.
“Seipi supports PEZA’s position to retain the current incentives and separate the incentives for domestic versus export industries like electronics,” said Seipi President Dan Lachica in a statement.
PEZA Director General Charito Plaza earlier urged senators to consider two separate regimes of tax incentives for export and for domestic market enterprises.
The Corporate Recovery and Tax Incentives for Enterprises (Create) Act, the second package of the government’s tax reform, proposes to reduce the corporate income tax from the current 30 percent to 25 percent this year, and further trim it by 1 percentage point starting in 2023 to reach 20 percent in 2027.
The proposed bill, however, also seeks to rationalize incentives currently being enjoyed by select firms especially those in economic zones.
“First of all, please let me make it clear that Seipi supports Create’s proposed immediate reduction of corporate income tax. However, we are concerned about Create’s proposed incentives rationalization,” said Lachica.
Lachica said they are supporting Senate President Pro Tempore Ralph Recto’s proposal to include a grandfathering rule in the proposed bill.
The grandfathering provision would allow businesses to continue operations and enjoy the perks received under old laws, and be exempt from new ones that would be applied to new investors or enterprises.
The industry group earlier warned that from the year the second package of tax reform takes effect, the industry will suffer an estimated 38,000 direct and 266,000 indirect job losses.
Lachica also disclosed that two electronic companies have stopped their operations in the country due to the “uncompetitive business environment.”
Source: The Manila Times
Nikkei staff writerOctober 13, 2020 03:35 JST
MANILA -- The Philippines began Monday registering millions of citizens for its national identification system, hoping to promote electronic payments and make it easier for low-income earners without bank accounts to access financial services.
All Philippine citizens and resident foreigners are required to register such information as name, sex, date of birth, place of birth, blood type, address and nationality. Biometric data -- fingerprints, facial photos and iris scans -- also will be stored.
The country's current system, in which different agencies issue their own numbers, has been criticized as inconvenient. The new system will grant each person a unique number that can be used across agencies. The government hopes to make financial services more accessible to low-income workers who lack bank accounts as well as facilitate delivery of government services.
Officials from the Philippine statistics agency will visit homes to collect the personal information, completing the process before President Rodrigo Duterte's term ends in June 2022. The system is scheduled to begin operation in the second half of 2021 for services such as visa issuances.
A survey found 73% public support for the new ID system, suggesting that little concern exists over the collection of personal information by the government.
Karl Kendrick Chua, acting secretary of the National Economic and Development Authority, said the ID system will accelerate growth of the digital economy. He expressed hope that the national system will spark widespread use of electronic payments. Partnerships with the private sector also appear to be on the table.
Cash remains king in the Philippines despite moves by telecommunications companies PLDT and Globe Telecom to bring e-money into the mainstream. Online shopping has been slow to catch on, in part because payment on delivery is the norm. The new national ID system could change how companies do business.
Source: Nikkei Asia
ABOUT PTIC TAIPEI
The Philippine Trade & Investment Center in Taipei is the Commercial Affairs Section of the Manila Economic and Cultural Office and the representative office of the Philippine Department of Trade & Industry in Taiwan