NextGen Day

MANILA, Philippines — The Department of Trade and Industry (DTI) has submitted to the chairman of the House Ways and Means Committee the final draft of the Strategic Investment Priorities Plan (SIPP) of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) statute.

The SIPP will allow foreign and domestic investors to seek tax benefits for their particular industries, according to Albay Rep. Joey Salceda, the committee head, who told reporters on Tuesday.

Salceda predicted a high foreign direct investment (FDI) performance for the Philippines in 2022, following the country’s best FDI performance ever in 2021.

“Thanks to the anticipation of our changes being completed, 2021 was a strong year for FDI.” The complete implementation of these amendments is scheduled for 2022. “This year, I predict even stronger FDI performance,” Salceda remarked.

DTI Secretary Ramon Lopez thanked Salceda’s contributions and assistance in the finalization of the draft SIPP in a letter to him.

“Following Undersecretaries Rafaelita Aldaba and Ceferino Rodolfo’s fruitful discussion with you, we have embraced the Interim-Transitional-Comprehensive Framework approach to the SIPP,” Lopez wrote to Salceda.

Lopez also mentioned a House committee resolution in support of the framework, which Lopez said helped the Fiscal Incentives Review Board approve the list (FIRB).

“On March 31, 2022, the exact draft was delivered to the FIRB Technical Committee as well as to Investment Promotion Agencies,” Lopez continued.

According to Salceda, the SIPP will enable sectors that are not included in the 2020 Investment Priorities Plan to apply for tax benefits and invest in the Philippines.

He claims that this will result in new job prospects and commercial chances for the Philippine economy.

“I appreciate Secretary Lopez’s and (Finance Secretary Carlos) Dominguez’s efforts on the SIPP. “This will undoubtedly encourage additional investors, particularly in high-value sectors, to locate in the Philippines and take advantage of some of the strongest Asean incentives,” Salceda added.

The CREATE law, which went into effect on April 11, 2021, cut corporate income tax from 30% to 25% for major corporations and 20% for small and medium businesses with net taxable income of less than PHP5 million.

It offers tax breaks to both domestic and foreign investors conducting business in the country, in an effort to encourage entrepreneurs to set up domestic operations in order to promote economic activity and contribute to the economy’s sustained recovery.

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