The Philippines wants to improve foreign investment attraction through the CREATE MORE Act, starting with South Korea. Officials plan roadshows to inform potential investors about cost-reducing measures that promote business growth. The initiative aims to stabilize the economy and create more job opportunities while addressing investor concerns and fiscal management.
The Philippines aims to attract foreign investment, particularly from South Korea, following the signing of the implementing rules and regulations (IRR) for the CREATE MORE Act. Economic officials plan to organize roadshows in multiple countries to promote the benefits of this initiative, which seeks to enhance economic recovery and create job opportunities. Special Assistant to the President, Frederick Go, emphasized that they will inform potential investors about how the new measures can reduce costs and stimulate business growth.
Roadshows targeting South Korean investors will commence in March, deemed a key market due to its robust semiconductor industry and potential for major investments. Following South Korea, the Philippines will extend invitations to U.S. companies, encouraging them to consider the country for their expansion amid their capacity-building needs. Go expressed the government’s commitment to ensuring the Philippines becomes a favorable destination for investment ventures.
Additionally, the Philippines is looking to attract Chinese investors, noting the market’s need for international ventures despite existing political tensions. Go believes that the current economic challenges in China could drive investors to explore opportunities abroad. The recent IRR signing aims to clarify tax incentives, reinstate benefits for previously registered businesses, and improve the VAT zero-rating process for investors, mitigating regulatory uncertainties.
Finance Secretary Ralph Recto and Trade Secretary Ma. Cristina Aldeguer confirmed the IRR’s role in refining the CREATE MORE provisions, ensuring fiscal responsibility and avoiding redundant incentives. Recto underscored the government’s readiness to position the Philippines as a stable and competitive investment destination, aiming to retain and enhance existing investments and attract new ones.
The implementation of CREATE MORE is seen as a strategic step enhancing the Philippines’ global competitiveness by creating a more enticing environment for foreign investors.
The Philippines is actively seeking to attract foreign investments by promoting the CREATE MORE Act’s benefits, starting with key markets like South Korea. Roadshows and strategic outreach will be conducted to inform potential investors about reduced costs and potential for business growth. The government’s focus is not only on drawing in new investments but also on ensuring a stable and supportive environment for those already established in the country.
Original Source: www.gmanetwork.com
