HK group, business heads commend President Duterte for improvements in business environment

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.

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