With the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act already in effect, more than P23 billion in new investments was pledged by Japanese companies in connection with it, according to a Philippine News Agency (PNA) news article.
To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…
Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque said Wednesday the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) law has attracted Japanese companies to invest in the country.
Roque and Special Assistant to the President for Economic Affairs and Investments Secretary Frederick Go visited Japan from March 3 to 4 to meet Japanese companies and business groups.
The DTI said during the visit, four companies pledged PHP23.5 billion worth of investments.
“Representing both the government and private sectors, those we engaged with expressed excitement and enthusiasm about collaborating with us, inspired by the positive developments they’ve heard about our country—our robust economic fundamentals and reformed policies and regulations,” Roque said.
“Specifically, what caught their attention was the recently enacted CREATE MORE law, which offers enhanced tax incentives, simplified processes, and greater opportunities for businesses to thrive in the Philippines,” she added.
Among Japanese companies that the Philippine government officials met include Ibiden Co., Ltd., Nidec Corp. and Sumitomo Corp.
The Philippine Trade and Investment Center (PTIC)-Tokyo told the Philippine News Agency that two of these companies are eyeing fresh investments in the country, while one of them is updating its three-year investment pledge.
DTI said Ibiden expressed its prospect for expanding its advanced substrate technologies operations, while Nidec eyes to expand its manufacturing footprint here.
On the other hand, Sumitomo renewed its commitment to collaborate with the Marcos administration’s infrastructure and clean energy goals.
Sumitomo’s project in the Philippines include the Metro Manila Subway Project, the MRT Line 3 maintenance contract, and the First Philippine Industrial Park.
Roque also had meetings with Fast Retailing Co. Ltd., the firm behind clothing brand Uniqlo, as well as the Japan Association of Corporate Executives (Keizai Doyukai) and the Japan Business Federation (Keidanren).
Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the new investments pledged by Japanese companies in connection with CREATE MORE will influence many other foreign companies to invest in the Philippines this year?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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