economics – Page 24 – Author Carlo Carrasco

DTI executive says Philippines is unlikely to be hit by Trump’s planned tariff hikes

December 13, 2024December 3, 2024carlocarrasco

Based on available details and key factors, an executive of the Department of Trade and Industry (DTI) stated that the Philippines is unlikely to be hit by the planned tariff hikes of the returning United States President Donald Trump whose administration will formally start on January 20, 2025, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Department of Trade and Industry (DTI) Undersecretary Ceferino Rodolfo said Monday that the Philippines is unlikely to be targeted by the planned tariff hikes under the incoming administration of United States President-elect Donald Trump, citing the balanced and healthy trade relationship between the two countries.

Rodolfo noted that the Philippines’ trade deficit with the US stood at USD4 billion in 2023, far smaller than the deficits the US faces with other Asian countries, including China (USD300 billion), Vietnam (USD109 billion), Japan (USD75 billion), South Korea (USD55 billion), India (USD47 billion), and Thailand (USD43 billion).

“We believe that countries with which the US has a huge trade deficit—particularly those which worsened during the past four years—will be likely targets of additional US tariffs,” he said.

He added that this puts the Philippines in a strong position as the US looks to address trade imbalances.

“With the Trump administration’s focus on reducing trade deficit, the Philippines can leverage the balanced and healthy Philippines-US trade, indicating a mutually beneficial trade relationship,” the DTI official added.

Strengthening ties – Rodolfo said DTI Secretary Cristina Roque and Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go are working closely with the US government to ensure “even closer economic relations” with the long-time ally in preparation for Trump’s assumption into office.

He also pointed out that Trump’s pick for Department of State Secretary, Senator Marco Rubio, has been a strong proponent of closer economic and strategic ties between the US and the Philippines.

Rubio filed Senate Bill 4703, or the Philippines-US Strategic Partnership Act, which aims to enhance economic relations between the two countries.

The bill, filed on July 11, 2024, proposes to negotiate a critical minerals agreement with the Philippines; to prioritize support from the US International Development Finance Corporation for projects involving critical minerals and fossil fuels in the Philippines; and to identify additional US agencies that could invest in the Philippines, including the Department of Defense’s Office of Strategic Capital.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the Philippines won’t be hit by Trump’s planned tariff hikes? Are you hoping that under a Trump presidency, the Philippines and America will be able to have a free trade agreement?

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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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Las Piñas City Councilor Santos asks COMELEC to consider city an election hotspot

December 12, 2024December 4, 2024carlocarrasco

In light of the May 2025 local elections and the recent local controversy that happened, Las Piñas City Councilor Mark Santos asked the Commission on Elections (COMELEC) to consider the city an election hotspot, according to a Remate On-Line news report.

For the newcomers reading this, Councilor Santos is running for the lone congressional seat of Las Piñas. This puts him against outgoing Senator Cynthia Villar who happens to be running for the same post.

To put things in perspective, posted below is an excerpt from new report of the Remate On-Line. Some parts in boldface…

AFTER being ‘bullied’ by his opponent, veteran Las Piñas Councilor Mark Anthony Santos, a congressional candidate, has asked the Commission on Elections to include the city in the list of potential areas of concern in the May 2025 midterm elections.

He also requested the city police to investigate the death threats he received after he filed his certificate of candidacy last October 7, 2024 against graduating lawmaker Sen. Cynthia Villar.

”Comelec should now consider Las Piñas as among the election hotspots in Metro Manila due to the recent ’life-threatening’ developments,” he told Good Riddance.

Santos reiterated that the poll body must consider Las Piñas under election hotspot after Villar allegedly acted repeatedly in an unparliamentary manner and used offensive, derogatory and improper language against her political leaders, neighbors as well as homeowner’s association officers and security personnel.

“The Villars are being considered as the most powerful politicians not only in Las Piñas but in the entire country aside from being the richest family in the Philippines.”

Santos said he’d rather die fighting than withdraw from the congressional race.

A former chief of staff of late mayor Vergel Aguilar, he’s an advocate of socialized housing and in-city relocation, supporting the Marcos administration housing projects nationwide.

During a council privilege speech, he exposed the P213 million in accumulated taxes and penalties the Villar Group of Companies has only paid P151-million in real property taxes.

He believed that the death threats against his life were also connected to his exposes involving irregularities allegedly committed by a politician.

In recent viral video clips uploaded in Tiktok, Villar ‘attacked’ her congressional opponent, Santos, while sitting in an opposite pew minutes before the start of the mass at the city’s Our Lady of Fatima Church.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? In light of the controversy, would you consider voting for Mark Santos to represent Las Piñas in the House of Representatives?

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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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

DBCC adjusts Philippines GDP growth targets for 2024 to 2028

December 11, 2024December 3, 2024carlocarrasco

Recently the Development Budget Coordination Committee (DBCC) adjusted its economic growth targets for the Philippines covering the next few years in relation to varied factors, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…

THE Development Budget Coordination Committee (DBCC) on Monday trimmed the economic growth target for this year to a range of 6-6.5% but widened the target band to 6-8% for 2025 until 2028, due to “evolving domestic and global uncertainties.”

Budget Secretary Amenah F. Pangandaman, who chairs the DBCC, said Philippine gross domestic product (GDP) is now projected to grow by 6-6.5% this year, narrower than the previous 6-7% goal.

“Despite domestic challenges, we are optimistic that we can still attain our growth target for the year of 6% to 6.5%. In particular, we expect the Philippine economy to bounce back during the last quarter, given the anticipated increase in holiday spending, continued disaster recovery efforts, low inflation, and a robust labor market,” she said at a briefing after a DBCC meeting on Monday afternoon.

The DBCC’s review of the macroeconomic assumptions came after the Philippine economy expanded by a weaker-than-expected 5.2% in the third quarter, which was the slowest since the 4.3% logged in the second quarter of 2023.

In the first nine months, GDP growth averaged 5.8%. To meet the lower end of the government’s revised 6-6.5% target band, the economy would need to grow by 6.5% in the fourth quarter.

Finance Secretary Ralph G. Recto said the Philippine economy can still “realistically” grow by 6% for the full year.

“The growth assumptions for 2025 to 2028 have been given a wider band of 6% to 8%, reflecting the anticipated impact of structural reforms and evolving domestic and global uncertainties,” Ms. Pangandaman said.

To achieve the targets, she said the government is committed to “accelerating infrastructure investments, enhancing the ease of doing business, and boosting national competitiveness.”

The DBCC chair said they expect the recently signed Republic Act No. 12066 or Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act to spur faster growth and attract more foreign investments.

FISCAL program – “We have maintained our medium-term fiscal targets for 2025 to 2028. This means that we remain determined to reduce the country’s deficit in a more gradual and realistic manner, while also bolstering long-term investments that create more jobs, increase incomes, and decrease poverty incidence,” Ms. Pangandaman said.

The DBCC said it raised the deficit ceiling for 2024 to -5.7% of GDP from -5.6% previously. It kept the deficit ceiling at -5.3% of GDP for 2025, -4.7% for 2026, -4.1% for 2027 and -3.7% for 2028.

For this year, the DBCC raised the revenue outlook to P4.383 trillion in 2024 from P4.27 trillion previously. Revenue targets were kept at P4.644 trillion for 2025, P5.063 trillion for 2026, P5.627 trillion for 2027, and P6.249 trillion for 2028.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the DBCC is correct with its GDP projections for the Philippines for the next few years?

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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Residents of Las Piñas City urged to avail of discounts by paying real property taxes (RPT) early

December 8, 2024December 4, 2024carlocarrasco

Recently in the City of Las Piñas, residents who own properties were advised to take advantage of discounts offered to them when paying their respective real property taxes (RPT) early enough starting this month, according to a Manila Times news report.

To put things in perspective, posted below is an excerpt from new report the Manila Times. Some parts in boldface…

Real property owners in Las Piñas City are reminded to settle their real property taxes early and take advantage of discounts offered for prompt payment in 2025.

Las Piñas Councilor Mark Anthony Santos announced that the advance tax payment period runs until Dec. 15, 2024. Taxpayers who settle their dues by this date will receive a 20 percent discount. Payments made from December 16 to 31 will qualify for a 16 percent discount, while payments completed between Jan. 1 and 31, 2025, will be granted a 10 percent discount.

To be eligible for these discounts, taxpayers must pay their taxes for the entire year and ensure there are no outstanding delinquencies, Santos emphasized.

He said failure to pay on time would result in penalties. A 10 percent surcharge will be applied to delinquent payments, along with a one-time administrative fee for late second installment payments. As stipulated in Sections 260 and 263 of Republic Act 7160, the Local Government Code of 1991, unpaid taxes could lead to further actions, including the auctioning of delinquent properties.

“If the real property tax is not paid, the city government will avail of remedies through administrative action or judicial proceedings,” Santos warned.

The city treasurer’s office also reminded new property owners to update their records at the city assessor’s office to ensure they receive official notices and avoid tax issues.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? If you are a local property owner, are you ready to settle your real property tax with the City Government this month? Are the discounts for early payments enticing enough to you? How many property owners in your local community are aware of the discounts offered?

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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Over 1,200 senior citizens of three Las Piñas City barangays receive pension from CSWDO

December 7, 2024December 2, 2024carlocarrasco

Recently in the City of Las Piñas, more than one thousand two hundred senior citizens of Barangay Almanza Uno, Barangay Talon Tres and Barangay Pilar Village received their pension from the City Social Welfare and Development Office (CSWDO), the City Government announced via social media.

To put things in perspective, posted below is an excerpt from the City Government’s social media post. Some parts in boldface…

The City of Las Piñas, through the City Social Welfare and Development Office (CSWDO), held a social pension pay-out on Wednesday, November 20, at the Almanza Uno Covered Court. The event catered to 1,240 senior citizens from Barangays Talon Tres, Almanza Uno, and Pilar, providing vital financial aid to support their daily needs.

Beneficiaries from Almanza Uno totaled 433, while 424 came from Talon Tres and 383 from Pilar. Each recipient received ₱6,000, representing their social pension for the second half of the year, July to December. The funds were allocated by the Department of Social Welfare and Development (DSWD) as part of the national government’s efforts to assist indigent senior citizens.

City representatives ensured the smooth delivery of financial assistance, engaging with the beneficiaries to address any concerns and streamline the process. This initiative underscores the city’s commitment to recognizing the contributions of senior citizens and providing meaningful support to improve their quality of life.

Through its collaboration with the DSWD, the city government continues to implement programs focused on addressing the needs of vulnerable groups.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Has the CSWDO released pension funds to senior citizens of your local community already?

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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Las Piñas City Councilors Santos and Medina push for 2nd legislative district

December 3, 2024November 24, 2024carlocarrasco

Recently in the City of Las Piñas, City Councilors Mark Santos and Henry Medina pushed for the establishment of a 2^nd legislative district pointing to the growing population, the voice of the constituents, development of the city and other factors, according to a Manila Times news report.

For the newcomers reading this, Las Piñas City currently has one seat in the House of Representatives and its population has exceeded 600,000 since 2020.

To put things in perspective, posted below is an excerpt from new report of the Manila Times. Some parts in boldface…

LAS PIÑAS City leaders are pressing for the creation of a second legislative district, citing the local government’s growing population and the need for broader representation in the House of Representatives.

City Councilors Mark Anthony Santos and Henry Medina filed a resolution urging Congress to establish an additional congressional district for Las Piñas, a city that has seen significant population growth since it became a city in 1997.

According to the 2020 census conducted by the Philippine Statistics Authority, Las Piñas had a population of 606,293, way above the constitutional requirement of 250,000 residents to qualify for another legislative district.

Section 5, Article VI of the Philippine Constitution provides that each legislative district “shall comprise, as far as practicable, contiguous, compact, and adjacent territory. Each city with a population of at least two hundred fifty thousand, or each province, shall have at least one representative.“

Currently, Las Piñas is represented by a single congressional seat despite its population and administrative structure. The city has two councilor districts that are used for electing six city councilors from its 20 barangay (villages), but this bifurcation has yet to translate into additional representation in Congress.

Las Piñas’ journey to cityhood began in 1997 under then-president Fidel V. Ramos, with residents overwhelmingly supporting the change in a plebiscite.

Since then, the city has undergone rapid urbanization and population growth, further strengthening the case for additional representation.

Despite these developments, proposals for a second congressional district have not gained traction until now.

“With the creation of another congressional district representation in the House of Representatives, the voice of Las Pinyeros will be heard in a broader arena,” Santos said as he highlighted the benefits of increased representation.

Medina echoed this sentiment, emphasizing that an additional district could lead to improved public services, increased budget allocations and accelerated development for the city.

He pointed out that the establishment of a second district would allow the city’s growing population to have more direct representation in national governance.

This, in turn, could translate into better legislative focus on local issues, from infrastructure and education to health care and economic development.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Do you believe it is high-time for Las Piñas City to have a 2^nd congressional seat? What do you think is the problem preventing Las Piñas City from having another seat in the House of Representatives?

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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BSP coin machines collection approaching P1.1 billion

December 3, 2024November 25, 2024carlocarrasco

The Bangko Sentral ng Pilipinas (BSP) revealed online recently that the collection of its coin deposit machines (CoDMs) is gradually approaching the P1.1 billion mark. The latest statistics are accurate of as November 15, 2024.

Based on the latest statistics, a total of P1,082,972,600.36 (7.34% higher than the previous count of P1,008,889,490.24) in coins got deposited into BSP machines on 255,906 transactions from customers. In terms of physical quantity, 280,173,379 coins were deposited.

Doing the math on the latest statistics, customers averaged P4,231.9156 per transaction at the machines. As for the grand total Peso amount divided by the number of coins deposited, the average is P3.8654 per coin deposited.

When it comes to the number of coins involved with each transaction, 280,173,379 coins divided by 255,906 transactions resulted in an average of 1,094.8293 coins per transaction. This result shows that a lot of people out there are making big deposits by the jars and bags at the coin deposit machines. I can only speculate that there are families or local businesses that have decided to collect all their loose change for deposit into BSP’s coin machines even if it means waiting long in the line.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you were able to deposit coins in the BSP coin machine, how long did you have to wait for your turn? Did you notice anyone bringing bags or jars full of coins for deposit at the nearest BSP coin machine in your local community?

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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Lower-than-expected economic growth for the Philippines until 2025

November 26, 2024November 19, 2024carlocarrasco

Based on the recent findings of Citigroup, Inc., the growth domestic product (GDP) of the Philippines will grow at a lower-than-expected rate until 2025, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…

THE Philippines’ gross domestic product (GDP) is likely to expand slower than the government’s target until 2025, Citigroup, Inc. (Citi) said.

Citi cut its GDP growth forecast for the Philippines to 5.8% this year but kept its 6% growth forecast for 2025. This is below the government’s 6-7% target this year and 6.5-7.5% goal next year.

“We lowered 2024 GDP growth slightly from 6% to 5.8%, mainly due to a weak third-quarter outturn that had been a result of several temporary, weather-related factors,” Citi economist for Thailand and the Philippines Nalin Chutchotitham said in a report.

The Philippine economy slowed to 5.2% in the July-to-September period from 6.4% in the second quarter and 6% a year ago. This was also the weakest growth since the 4.3% expansion in the second quarter of last year.

“Nonetheless, we think it would be misleading to view the weaker third-quarter expansion as the start of a slowdown as several negative factors in the third quarter are one-off events,” Ms. Chutchotitham said.

She said the weakness in third-quarter economic growth mainly stemmed from the drop in agriculture production, construction activity and net exports.

Despite the weak third quarter, Citi expects growth to accelerate in the fourth quarter as domestic demand is seen to pick up due to easing inflation and lower rates.

“We expect fourth-quarter 2024 GDP growth to accelerate to 6% year on year. Household consumption is expected to continue improving, supported by lower interest rates and improved consumer sentiment as inflation continues to stabilize.”

In the first nine months, GDP grew by 5.8%. The economy would need to grow by at least 6.5% in the fourth quarter to meet the lower end of the government’s 6-7% target.

“With the storm season passing soon, we also expect infrastructure projects’ progress to proceed at a faster clip in the fourth quarter and first quarter of 2025,” Ms. Chutchotitham said.

Domestic demand will also likely be sustained by improving employment conditions, remittance growth and bank lending.

“The RRR (reserve requirement ratio) cut of 250 basis points (bps), effective on Oct. 25, would also release more liquidity into the banking system and likely continue to support strong credit expansion,” Ms. Chutchotitham added.

The central bank last month reduced the RRR for universal and commercial banks and nonbank financial institutions with quasi-banking functions by 250 bps to 7%.

“We also maintain our expectation of 6% growth in 2025 but see some upside risks due to tailwinds from more rate cuts,” Citi said.

The Bangko Sentral ng Pilipinas (BSP) will likely cut by 25 bps in December and by a total of 75 bps next year, according to Citi.

This year so far, the central bank has reduced interest rates by 50 bps since August. The Monetary Board is set to hold its last rate-setting meeting of the year on Dec. 19.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines still has enough momentum to exceed the 4^th quarter growth targets of economists?

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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Las Piñas City Mayor’s daughter supports P103.8 billion reclamation project, appeals to President Marcos and DENR to support it

November 22, 2024November 16, 2024carlocarrasco

Recently in the City of Las Piñas, business woman and candidate Alelee Aguilar-Andanar expressed her support for the P103.8 billion Las Piñas-Parañaque Coastal Bay Reclamation Project and reached out to President Ferdinand “Bongbong” Marcos and the Department of Environment and Natural Resources (DENR) to support it as well so that socio-economic developments in the city will happen, according to a Manila Standard news report.

For the newcomers reading this, Aguilar-Andanar is the daughter of incumbent Mayor Imelda Aguilar and the late Mayor Vergel “Nene” Aguilar.

To put things in perspective, posted below is an excerpt from the Manila Standard news report. Some parts in boldface…

A daughter of Las Piñas Mayor Imelda Aguilar expressed support for the resumption of the P103.8-billion Las Piñas-Parañaque Coastal Bay Reclamation Project as it would generate billion of income to the city’s coffer.

Businesswoman Alelee Aguilar-Andanar appealed to President Ferdinand Marcos Jr. and Department of Environment and Natural Resources Secretary Antonia Yulo-Loyzaga to sign the notice to proceed of the project as this would create thousands of local jobs, realize pro-poor projects, including socialized housing.

Aguilar-Andanar, who is running for councilor for next year’s election, is the third daughter of the late Las Pinas Mayor Vergel and incumbent Mayor Imelda. Alelle is the wife of former Presidential Communications Operations Office (PCOO) Secretary Martin Andanar.

Aguilar-Andanar said the reclamation project is a dream and aspiration of her late father who served as mayor of Las Piñas City from 1995 to 2004 and from 2007 to 2016.

She said (her) father’s vision is to keep pace with modern development. “If we don’t keep up or if we don’t devise a way (to generate income), it will become more difficult for the next generation,” said Aguilar-Andanar, quoting her father. She said (her) father wanted to call the reclamation project Las Piñas, Our Home 2.0.

Aguilar-Andanar said her family would join forces with incumbent councilors Mark Anthony Santos and Henry Medina in convincing their constituents on the benefits of the reclamation projects which could help restore ecosystems, create habitats for wildlife and mitigate flooding.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Do you think that now is the time to have the reclamation project approved so that Las Piñas will further develop economically and socially? Do you think that land reclamation only results in flooding and environmental damage? How many people in your local community are aware of the P103.8 billion Las Piñas-Paranaque Coastal Bay Reclamation Project? Will you vote Aguilar-Andanar for City Councilor in May 2025?

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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CREATE MORE bill signed into law

November 17, 2024November 11, 2024carlocarrasco

In a move to make the Philippines a prime investment destination, President Ferdinand “Bongbong” Marcos, Jr., recently signed into law the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

President Ferdinand R. Marcos Jr. on Monday signed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act to promote the Philippines as a prime investment destination.

CREATE MORE Act or Republic Act (RA) 12066, signed by Marcos in a ceremony at Malacañan Palace in Manila, builds on the game-changing economic reforms introduced under the CREATE law by making the country’s tax incentives regime more globally competitive, investment-friendly, predictable and accountable.

Marcos said the signing of RA 12066 signifies his administration’s unwavering commitment to empowering the business sector and enhancing their growth prospects.

“We cannot emphasize enough the important role of the business sector in shaping this law. Your feedback has been essential in our efforts to craft policies that make our country truly competitive on the global stage,” Marcos said.

“As we open new doors of opportunity, we drive businesses to reinvest their capital, build upon the workforce, and initiate a ripple effect that will be felt across generations,” he added.

Marcos said the new law is a reflection of the government’s resolve to foster a climate where businesses will flourish and continue to meaningfully contribute to the Philippine economy.

“By establishing clear timelines and deadlines and by limiting compliance requirements to those mandated by law, we are promoting transparency and predictability. And in so doing, we create a more reliable process that instills confidence in investors and in partners alike,” he said.

“To our investors and development partners, let this be our pledge: The Bagong Pilipinas (New Philippines) continues to foster an economy where businesses and investments remain at the heart of our progressive development.”

Under the CREATE MORE Act, the maximum duration of tax incentives availment is extended by 10 years to 27 years from 17 years, to attract strategic and high-quality investments.

Registered business enterprises (RBEs) under the enhanced deductions regime will benefit from a reduced corporate income tax rate of 20 percent.

The new law also grants a 100-percent additional deduction on power expenses to cut the costs for the manufacturing sector.

It also further streamlines the value-added tax (VAT) refund process by limiting the documentary requirements and addressing the VAT concerns raised by export-oriented enterprises.

RA 12066 also introduces various reforms such as the rationalization and streamlining of incentives-related processes to address investors’ pain points and cultivate an investment-friendly climate.

It likewise simplifies local taxation by imposing a local tax on RBEs in lieu of all other local taxes, fees, and charges.

The CREATE MORE law also strengthens the respective mandates of the Fiscal Incentives Review Board (FIRB) and the investment promotion agencies (IPAs).

It institutionalizes the adoption of flexible work arrangements as a business model for RBEs operating inside economic zones and freeports, without disruption in the enjoyment of their tax incentives.

Marcos said the Filipino people would benefit from the passage of the CREATE MORE Act through more and better economic opportunities that uplift their lives, such as high-quality jobs.

The signing of CREATE MORE law is consistent with the Marcos administration’s 8-point socioeconomic agenda.

Lawmakers lauded President Marcos for signing the measure, saying it would stimulate economic growth by attracting foreign direct investments (FDIs).

“With more foreign direct investments that CREATE MORE is expected to generate, more Filipinos will have better employment opportunities that will, in turn, redound to stronger domestic consumption, one of the major drivers of the local economy,” Senator Sherwin Gatchalian said in a statement.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the CREATE MORE law will succeed in attracting more foreign investments into the Philippines? Do you expect to see results related to the new law over the next eighteen months?

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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