The Financial Executives Institute of the Philippines (FINEX), Federation of Filipino Chinese Chambers of Commerce and Industry (FFCCCI) and 30 other business groups push for the passage of a bill that would take out the sting from the Covid 19 pandemic and woo foreign investors.
In a joint manifesto, the business groups are asking Congress to pass the so-called Corporate Recovery and Tax Incentives for Enterprise Act (CREATE) by June 3 before Congress adjourns sine die.
The manifesto was read by FINEX national affairs chairman Eduardo Yap, president and CEO of property developer Clairmont Group, during the Zoom meeting that Finance Secretary Carlos Dominguez presided over and participated in by Bangko Sentral Governor Benjamin Diokno and NEDA acting secretary general Karl Kendrick Chua.
Passage of the bill, which amended the earlier Citira bill version, is being pushed by all business groups that include the umbrella organization of the Chinoy business community, FFCCCI, headed by Dr. Henry Lim Bon Liong.
The formidable group of business enterprises in the country said the passage of the bill would restore market confidence and provide the “most direct, cost-efficient and instant relief” to enterprises suffering from the coronavirus pandemic’s economic fallout .
Representing a broad spectrum of small, medium and large businesses and professions in the country the manifesto told lawmakers any further delay in the CREATE bill’s approval would presage the loss of more jobs and investments.
These organizations noted that the immediate reduction in the corporate income tax (CIT) rate from 30 percent to 25 percent by July translates into a “direct infusion of financial assistance to businesses, giving them more resources to retain employees and to keep up with financial difficulties.”
“We humbly request the Senate and the House of Representatives to move quickly and decisively to push CREATE forward and ensure its passage urgently, ideally before Congress adjourns on June 3. Any further delay comes at the risk of losing more jobs and hemorrhaging more investments. Pass CREATE now!”
stated the manifesto. #COVID19
[Photos: SL Agritech | Management Association of the Philippines | Department of Finance]