The Philippine Economic Zone Authority (PEZA) supported the government’s proactive measures to boost the investment climate, particularly through the highly-anticipated CREATE MORE bill.
This comes on the heels of the government’s ban on Philippine offshore gaming operators (POGOs), signaling a shift towards attracting more sustainable and beneficial investments.
PEZA director-general Tereso Panga said the CREATE MORE bill, designed to enhance the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) law, would be instrumental in propelling economic growth.
“We are thankful for the government’s recognition of CREATE’s benefits and the assurance that the CREATE MORE bill will be a priority and passed into law this year,” Panga said.
He said the CREATE MORE bill would address the pain points experienced by locators, including the imposition of unnecessary tariffs by local government units (LGUs).
“The removal of these tariffs, coupled with the incentives under CREATE MORE, will create a more conducive business environment and attract long-term foreign direct investments,” Panga said.
PEZA expects the CREATE MORE bill to not only streamline tax incentives, but also usher in parity with the benefit packages offered by neighboring countries, making the Philippines a more competitive investment destination.
This, in turn, is expected to accelerate the country’s bid to achieve upper-middle-income status and position it as the smart investment choice in the region.
Panga also addressed the issue of POGO workers who may be affected by the ban, assuring that PEZA is ready to assist in their transition.
“While PEZA does not have POGO locators within its ecozones, we are prepared to help provide training and employment opportunities for displaced Filipino workers through our IT-BPM sector,” he said.
