Philstar.com | February 26, 2021 | 8:28am
MANILA, Philippines — The passage of the pending bill that reduces taxes on local and foreign companies and further fiscal stimulus are key factors that will make the Philippines more attractive to foreign investors.
Chris Nelson, executive director of the British Chamber of Commerce of the Philippines, stressed the importance of the swift passage of the Corporate Recovery and Tax Incentives for Enterprises or CREATE bill, which is still pending President Duterte’s signature.
“I think we’ve tried very hard to get British companies to come to the Philippines. I think the Philippines is attractive but I think we need to do more,” Nelson said in an interview on ANC’s “Insight with April Lee-Tan.”
He said that in encouraging investment, the Philippines is essentially in competition with its neighbors in Southeast Asia, and so it needs key legislation in place.
“We wanna be able to say, look, these things have been passed, the economy is opening up,” Nelson added.
Among the urgent policies the chamber supports are those on retail liberalization and public services to support small- and medium-sized businesses affected by the pandemic. “Linking to that, of course, getting CREATE passed,” he said.
He cited Trade Secretary Ramon Lopez who said that CREATE will result in P200 billion new investments that can generate 1.4 to 2 million jobs.