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Skyline and buildings in Quezon City on January 11, 2023. Mark Demayo, ABS-CBN News

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QC Buildings

Benise Balaoing

ABS-CBN News

<p>MANILA -- The IT and Business Process Association of the Philippines (IBPAP) said it welcomes the CREATE MORE bill, which hurdled Congress&#x27; bicameral conference.</p><div><a href="https://news.abs-cbn.com/business/2024/9/9/create-more-bill-passes-senate-on-final-reading-1819" rel="noopener noreferrer" target="_blank">CREATE MORE bill passes Senate on final reading</a></div><p>Senate Bill 2762 or the proposed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) seeks to amend corporate income taxes and attract more foreign investments into the Philippines.</p><div><span id="isPasted" style="color:rgb(65, 65, 65);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">At the International IT-BPM Summit in Paranaque, Special Assistant to the President for Investment and Economic Affairs Frederick Go shared that CREATE MORE has hurdled the bicam.</span></div><p>&quot;CREATE MORE eliminates a lot of the uncertainty and confusion In the different interpretations of specific laws and tax effects of laws,&quot; IBPAP president Jack Madrid said at the sidelines of the event.</p><p>&quot;We have a lot of (local government units) in this country, and they occasionally have different interpretations and implementation of taxes, including the issuance of business permits. So I think that is one major headache that investors will now not have,&quot; he said.</p><p>In his speech at the summit, Go noted that CREATE MORE introduces the Registered Business Enterprise (RBE) local tax of not more than 2 percent of gross income.</p><p>Go said this is in lieu of all local taxes, fees and charges, &quot;which I believe will address a lot of your concerns with LGUs.&quot;</p><div><a href="https://news.abs-cbn.com/business/2024/2/20/investment-promotion-agencies-get-higher-capital-threshold-1018" rel="noopener noreferrer" target="_blank">Investment promotion agencies get higher capital threshold</a></div><p>The official also noted that the bill authorizes the investment promotion agencies--like the Philippine Economic Zone Authority, Board of Investments, Clark Development Corporation, and Subic Bay Metropolitan Authority--to approve projects within a P15 billion threshold without having to go to the Fiscal Incentives Review Board (FIRB) for approval.</p><p>This speeds up the process of opening up a new business, he said.</p><p>Go also said the CREATE MORE bill exempts donations of capital equipment, raw materials, spare parts or accessories from taxes and duties if donated to the government or to any of its agencies, including state-owned and controlled corporations.</p><p>The bill also covers donations made to the Technical Education and Skills Development Authority, the Commission on Higher Education, state-owned colleges, and the Department of Education. </p><p>Go noted that IBPAP wanted to donate old computers to public schools to speed up the training of young Filipinos in working with artificial intelligence, but were taxed for doing so.</p><div><a href="https://news.abs-cbn.com/business/2024/10/3/ai-skills-data-analytics-talent-gap-among-top-concerns-in-it-bpm-industry-1119" rel="noopener noreferrer" target="_blank">AI skills, data analytics &#x27;talent gap&#x27; among top concerns of IT-BPM sector: industry group</a></div><div><a href="https://news.abs-cbn.com/business/2024/10/3/ai-skills-data-analytics-talent-gap-among-top-concerns-in-it-bpm-industry-1119" rel="noopener noreferrer" target="_blank">IT-BPM sector hopes to have 1.82 million employees by end of 2024</a></div><p>Madrid said passing the CREATE MORE bill into law will make the Philippines a more attractive investment destination.</p><p>He stressed, however, that the Philippines has never been unattractive.</p><p>&quot;The Philippines has always been attractive, but because you know, because of the headwinds...because there is more competition, we need to to eliminate as many headwinds as possible,&quot; he said.</p><p>&quot;We now became more attractive because of everything that we have to offer. It&#x27;s our talent, it’s our skills, it&#x27;s our renown as being the best in delivering customer experience especially for North America. That&#x27;s what makes us special.&quot;</p><p>&quot;I like to say that the world wants a Filipino to resolve their issue and let us keep it that way. We just need to build on skills, skills, skills,&quot; he said.</p><div><strong>RELATED STORY:</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/cORcaAYW33M?&amp;ab_channel=ABS-CBNNewsautoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>The Internet and Business Process Association of the Philippines (IBPAP) said it welcomes the passing of the CREATE MORE bill at the bicam.</p>

The Internet and Business Process Association of the Philippines (IBPAP) said it welcomes the passing of the CREATE MORE bill at the bicam.

IT-BPM industry welcomes CREATE MORE bicam approval

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IT-BPM industry welcomes CREATE MORE bicam approval

Benise Balaoing,

ABS-CBN News

Published Oct 04, 2024 02:22 PM PHT

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