Cayetanos see boost in job creation, foreign investments with signing of CREATE Law
November 12, 2024
Cayetanos see boost in job creation, foreign investments with signing of CREATE MORE Law
Senators Pia and Alan Peter Cayetano on Monday expressed optimism that the signing of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Law on November 11, 2024 will lead to significant job creation and attract an influx of foreign investors.
"All our kababayan need is just a helping hand. This is about bringing authentic and compassionate change among our people - one that truly lifts them from cyclic and oppressive poverty," Senator Alan said on November 11, 2024.
For her part, Senator Pia Cayetano, former chairperson of the Committee on Ways and Means who sponsored the original CREATE Law in the 18th Congress, said she is "cognizant and grateful that there are jobs being provided for our people."
Senator Pia had sponsored the original CREATE Law in the 18th Congress, which aimed to help businesses recover from the severe impacts of the pandemic.
The CREATE Law, which drastically reduced the corporate income tax from 30 to 25 percent, was hailed as a transformative reform after 25 years in modernizing the tax system and fiscal incentives to boost businesses and attract investments.
The CREATE MORE Law was introduced to strengthen the law and align it with job creation goals. One of the draws of the new law is the streamlining of the approval process for investments by raising the capital threshold for Investment Promotion Agencies from P1 billion to P15 billion.
This change means that only projects exceeding P15 billion will need to be reviewed by the Fiscal Incentives Review Board.
The CREATE MORE Law also introduced several tax changes, including VAT exemptions for services like janitorial, security, financial consulting, marketing and human resources.
Senator Alan, who filed bills in the 19th Congress focused on prices, jobs, and income (presyo, trabaho, kita), emphasized the need to invest in agriculture, promote tourism, and stimulate industrial growth to foster long-term economic development.
"These sectors would provide long-term financial benefits for the country and positively contribute to the well-being of Filipinos," he said.
The Cayetanos have long pursued efforts for increased investments in the country, while pushing for solutions to pressing issues such as low wages, inflation, and the rising cost of basic goods.
In addition, the senators launched the PTK (Presyo, Trabaho, Kita/Kaayusan) program in 2013, which aims to provide Filipinos with easy access to capital through low-interest loans, ensuring their livelihood is better sustained.
"These need both short-term and long-term solutions," Senator Alan said.
Mga Cayetano inaasahan ang mas maraming trabaho, foreign investment sa pagpasa ng CREATE MORE Law
Naniniwala sina Senador Pia at Alan Peter Cayetano na magreresulta sa paglikha ng maraming trabaho at pagdagsa ng mga foreign investor sa bansa ang paglagda ng Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Law nitong November 11, 2024.
"All our kababayan need is just a helping hand. This is about bringing authentic and compassionate change among our people - one that truly lifts them from cyclic and oppressive poverty," wika ni Senador Alan.
Wika naman ni Senador Pia Cayetano, na dating tagapangulo ng Committee on Ways and Means, nagpapasalamat siya dahil maraming trabaho ang malilikha para sa mga Pilipino.
Si Senator Pia ang nag-sponsor ng orihinal na CREATE Law noong 18th Congress, na naglalayong tulungan ang mga negosyo na makabangon mula sa matinding epekto ng pandemya.
Lubhang nakatulong ang CREATE Law sa pagbawas ng corporate income tax mula 30 hanggang 25 porsiyento. Pinarangalan din ito bilang isang transformative reform pagkatapos ng 25 taon sa modernisasyon ng sistema ng buwis at mga financial incentive upang mapalakas ang mga negosyo at makaakit ng mga pamumuhunan.
Ang CREATE MORE Law ay nilikha upang palakasin ang batas at iayon ito sa mga layunin sa paglikha ng trabaho. Isa sa mga hinugot ng bagong batas ay ang pag-streamline ng proseso ng pag-apruba para sa mga pamumuhunan sa pamamagitan ng pagtataas ng capital threshold para sa Investment Promotion Agencies mula P1 bilyon hanggang P15 bilyon.
Ang pagbabagong ito ay nangangahulugan na ang mga proyekto lamang na lampas sa P15 bilyon ang kailangang suriin ng Fiscal Incentives Review Board.
Ipinasok din ng CREATE MORE Law ang ilang pagbabago sa buwis, kabilang ang mga pagbubukod sa VAT para sa mga serbisyo tulad ng janitorial, security, financial consulting, marketing at human resources.
Binigyang diin naman ni Senador Alan, na naghain ng mga panukalang batas sa 19th Congress na nakatuon sa presyo, trabaho, at kita, ang pangangailangang mamuhunan sa agrikultura, pagsulong ng turismo, at pasiglahin ang paglago ng industriya upang itaguyod ang pangmatagalang pag-unlad ng ekonomiya.
"These sectors would provide long-term financial benefits for the country and positively contribute to the well-being of Filipinos," sabi niya.
Matagal nang nagsusumikap ang mga Cayetano para sa mas maraming investment sa bansa, habang itinutulak ang mga solusyon sa matitinding isyu tulad ng mababang sahod, inflation, at pagtaas ng halaga ng mga pangunahing bilihin.
Dagdag pa rito, inilunsad ng mga senador ang programang PTK (Presyo, Trabaho, Kita/Kaayusan) noong 2013, na naglalayong mabigyan ang mga Pilipino ng madaling access sa kapital sa pamamagitan ng mga pautang na mababa ang interes upang matiyak na mas maayos ang kanilang kabuhayan.
"These need both short-term and long-term solutions," sambit ni Senador Alan.
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