Manila, Philippines – As the foreign business sectors take
notice of the Philippine’s seriousness when it comes to having better
environment conducive for investors, President Rodrigo Duterte must be doing it
right.
This year, the renewed tax system has made the country ideal
for foreign investors to do business in the Philippines.
This tax reform system and bureaucracy helped, according to
top executive of Hong Kong Chamber of Commerce of the Philippines (HKCCPI).
HKCCPI President Anthony Chan said the lower personal and corporate
income tax rates under the Comprehensive Tax Reform Program (CTRP) of the
Duterte administration is boosting the country’s attractiveness to more
investors.
The Tax Reform for Acceleration and Inclusion (TRAIN) Act
has been implemented as early as January 1st of this year which
lowers the personal income tax of the Filipinos. The government, on the other
hand, is pushing for the CTRP Package 2 which would aim to lower the corporate
income tax.
“The tax reform, especially the reduction in income tax
rates, also makes the Philippines more attractive and investment-friendly,”
Chan said.
“We also see the current administration really mean to cut
or weed out corruption that tremendously encourage investment and job
creation,” he added.
The HKCCPI also wishes that Congress will pass the bill on
ease of doing business in the Philippines.
On the other hand, Chan said that businesses and Filipino workers
were thriving in the country under President Duterte’s leadership.
“Investors from Hong Kong investing in manufacturing sectors
employing workers with higher than minimum wage and decent working conditions,
that’s we share the view that generally the people are better off under the
current administration,” Chan said.
Meanwhile, the International Chamber of Commerce Philippines
(ICCP) founder Francis Chua shares the same thought as of what Forbes article stated – that Filipinos
are better off under this current administration.
“The President must be doing the right thing,” Chua said,
noting the increasing numbers of projects registered with investment promotion
agencies in the country.
Source: PNA thephchronicles
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