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REVISITING CREATE LAW w
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Monday, November 28, 2022 Vol. 18 No. 47
P25.00 nationwide | 2 sections 20 pages |
URGED FOR BETTER PERKS
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By Andrea E. San Juan
HE Philippine Economic Zone Authority (PEZA) said there’s a need to revisit the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law to make fiscal incentives “more competitive.”
“We know that this is all a concern of the industry, particularly on the [Bureau of Internal Revenue Revenue Memorandum Circulars] BIR RMCs which have been limiting the grant of incentives to our locators,” PEZA Officer-in-Charge Tereso O. Panga said at PEZA’s 2022 Investors’ Recognition Day last Friday. Panga said Trade Secretary Alfredo E. Pascual, who is also PEZA’s Chairman of the Board, will bring this up in the upcoming meeting with the Fiscal Incentives Review Board (FIRB). “We are discussing this with the BIR and we hope we will be sustained soon, that all these in-
consistencies will be resolved; that will now allow for full retention of incentives particularly on the availment of zero-vat by our locators,” the PEZA chief added. The current head of PEZA revealed that they have been getting a lot of complaints from locators, with some filing cases with the Court of Tax Appeals (CTA) already. “We’re forcing now the issue... we have the secretary now working on this. He has discussed this with the President. On one side, we’re also trying to get a favorable [Department of Justice] DOJ opinion,” said Panga. See “Revisiting,” A2
YOUNG PINOYS NOT KEEN ON GOING ABROAD TO SEEK JOBS
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AJORITY of young Filipinos do not want to leave the country to find work, according to the YouthLed 2021 National Youth Survey. T he d ata showed 33 percent of sur vey responde nt s b e l ie ve t he y h ave enough opportunities within their cit y or prov ince. Further, some 23 percent of them think they may not have opportunities there but are open to consider those elsewhere in the Philippines; while
20 percent know there are better opportunities abroad but are not keen to leave the country. “We conducted this survey to provide an in-depth profile and insights on the youth’s perspective today on democratic, civic, and political engagement; their values, motivations, and aspirations; and their wellbeing and outlook in life since the last youth survey of this scale was conducted in 1996,” the report stated. See “Young pinoys,” A2
PESO EXCHANGE RATES n US 56.7900
ECOGREEN At the Rotary Club of Greater Mandaluyong Ecogreen Recyclers booth at the RCC Showcase 2022 in Bicutan, Taguig, old newspapers and used plastic softdrink bottles, spoons and forks get a new lease on life and are transformed by senior citizens of Marilao, Bulacan, into bags and Christmas ornaments. NONIE REYES
House, Senate seen to allow ₧77-B amendments By Jovee Marie N. dela Cruz @joveemarie
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HE leadership of the House of Representatives on Sunday expressed confidence that they will reach common ground with senators on the P77-billion institutional amendments by the House to augment the budget for education, health, transportation and other critical social services. In a statement, Speaker Martin G. Romualdez expressed confi-
dence that the Senate contingent to the bicameral conference committee on the proposed P5.268-trillion 2023 General Appropriations Bill (GAB) will agree to the P77-billion revisions. “We really feel that these institutional amendments will redound to the benefit of the people,” Romualdez said. “And we are confident that the Senate and the House bicameral [panel] members will see eye-toeye on this. Our objectives are the
same: to pass a people’s budget that reflects President Marcos Jr.’s 8-point economic agenda that will help the country bounce back from the pandemic,” he added. For his part, House Appropriations Committee Chairman Elizaldy Co said the House prioritized the welfare of the people when it included the P77-billion institutional amendments. “Our amendments can speak for themselves. You can see that it is indeed pro-people and pro-devel-
opment as we prioritized health, education and transportation. We are confident that if the Senate and the House approve these amendments, we can recover well from the pandemic in 2023,” Co said. Crafted by the House, the institutional amendments are “ayuda” programs that will directly benefit the people, such as Department of Social Welfare and Development’s (DSWD) P12.5 billion broken down into: Assistance to Individuals in
n JAPAN 0.4097 n UK 68.7954 n HK 7.2733 n CHINA 7.9382 n SINGAPORE 41.2988 n AUSTRALIA 38.4071 n EU 59.1184 n KOREA 0.0428 n SAUDI ARABIA 15.1146
See “House,” A2
Source: BSP (November 25, 2022)