Better Version of CREATE Bill to Help Lure FDIs: DTI

The passing of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill into law will be crucial for the Philippines to attract foreign investors, according to the Department of Trade and Industry.

This comes as the country battles for economic recovery as the coronavirus disease 2019 (COVID-19) continues to wreak havoc in the country.

Department of Trade and Industry (DTI) Undersecretary Ceferino Rodolfo on Friday at the virtual EU-Philippine Business Summit said that the country already has a good framework, and a better version of the bill would be welcomed more by investors would help get more foreign direct investments (FDIs).

The undersecretary added that the current incentives system is the biggest stumbling block in attracting investors to the country and that while a new version of the CREATE bill would help lure investments, other laws are needed to be passed to address long-term issues.

“The past two or three years, that has been the biggest stumbling block in terms of attracting investors,” he said.

He noted that while the CREATE bill would help lure investments in the short run, other bills need to be passed to address long-term structural issues. (GFB)