PCCI reiterates call for Congress to prioritize CREATE

16 January 2021 - As Congress resumes sessions on January 18, the Philippine Chamber of Commerce and Industry (PCCI), the largest umbrella of business organizations in the country reiterated its call for the august body to focus on the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE), a key economic measure seen to help the country’s economy bounce back from the slump it is experiencing as a result of COVID-19 and the lockdown on economic activities.
 
“Congress is in a good position to do this as CREATE is in the last step before being enacted into a legislation”, PCCI President Amb. Benedicto Yujuico said.

CREATE, which has been certified an urgent measure by President Duterte and which government’s economic managers and various business groups have said will restore market confidence and help businesses affected by the pandemic, only needs to hurdle the bicameral conference committee before its signing into law by the President.

The passage of CREATE will remove the uncertainty on the country’s tax incentives regime, which has been a deterrent to foreign businesses looking for potential investment destinations.

“CREATE will provide the momentum for the country to attract foreign direct investments,” Yujuico emphasized.

PCCI, whose membership base is comprised of 70% MSMEs added that instant relief from the immediate reduction of corporate income tax will propel the strong recovery of MSMEs.