In connection with the recent signing of the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, a director of the Philippine Economic Zone Authority (PEZA) expects more investors to come in, according to a news article by the Philippine News Agency (PNA).
To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…
Philippine Economic Zone Authority (PEZA) Director General Tereso Panga is expecting more investors to put up their businesses in economic zones across the country following the signing of the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
Panga said the IRR provides clarity for the smooth implementation of the law.
“It is a product of conjoined efforts that will surely attract more interest in the Philippines and paves the way for future investment growth,” Panga said in a statement Wednesday.
On Feb. 17, Finance Secretary Ralph Recto and Trade Secretary Ma. Cristina Roque led the signing of the CREATE MORE’s IRR.
The IRR supports PEZA’s mandate of driving investment growth into the country, promote sustainable development in the countryside, and create more jobs.
“The CREATE MORE Act refines the investment landscape of the Philippines to be at parity with other countries,” he said.
“With these new policies in place, coupled with the positive attributes already presented by our country and the various advantages like a communications-ready skilled workforce, a conducive business environment and a whole-of-government approach, it is without doubt that new investors will come in and old investors will choose to stay for the long haul,” he added.
Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the newly signed IRR of CREATE MORE will result in more investors to come into the Philippines and put up businesses in economic zones?
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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