Monday, March 27, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business

DTI cites Salceda’s role in CREATE law

Manila StandardbyManila Standard
June 22, 2022, 7:55 pm
in Business, Economy & Trade
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

Trade Secretary Ramon Lopez cited the legislative contributions of Albay Rep. Joey Sarte Salceda, chair of the House ways and means committee, to the economic recovery as principal author and sponsor of the Corporate Recovery and Tax Incentives for Enterprises Act.

Lopez said in a letter to Salceda dated June 8 the passage of Republic Act No. 11536 or the CREATE Act, “laid the groundwork for a new incentive regime and the development of the Strategic Investment Promotion Plan for all investment promotion agencies.”

“DTI and the rest of the investments promotion agencies, through the Philippine Investment Promotion Plan membership, are grateful for this strategic promotion tool as we pursue economic recovery efforts,” Lopez’s said.

He invited Salceda to an appreciation ceremony scheduled on June 27 at 2 p.m. at the Legazpi 1 Ballroom, 2nd Floor of the Makati Diamond Residences, in Makati City.

Signed by President Duterte in March 2021, CREATE Act is considered as the largest fiscal stimulus for businesses in the country’s recent history by reforming the corporate income tax and incentives systems.

ADVERTISEMENT

RA 11534 cuts corporate income tax rate to 25 percent from the current 30 percent, retroactive from July 1, 2020. Most recently, Salceda, has assured that agriculture, being a leading sector needed to push the country’s economic recovery, will receive “generous” tax incentives under the CREATE Act.

He said he is “closely working with the Finance, Trade and Industry, and Agriculture Secretaries” to include several agricultural sub-sectors in the SIPP, the list of industries eligible for tax incentives under CREATE.

Salceda explained that “by giving key agricultural sectors tax incentives, we can lower production costs and encourage farm modernization, that will help lower consumer prices and boost domestic food supply.”

“It’s a positive approach to encouraging domestic food production without choking our own food supply by preventing imports. Besides, preventing importation through trade barriers is unsustainable. There is no substitute to direct and positive support to the agriculture sector,” he stressed.

Salceda has also urged incoming DTI Secretary Alfredo Pascual to “complete the work undertaken by the Duterte administration in crafting industrial policy” by crafting a comprehensive SIPP, or the list of industries eligible for tax incentives.

At Salceda’s initiative, the DTI adopted a three-stage approach to crafting the SIPP–interim, transitional, and comprehensive SIPP.

The current SIPP in effect is meant to be a transitional SIPP, he explained.

The economist-lawmaker said he “anticipates a more holistic approach in comprehensive SIPP planning, with details on what incentives can be used to spur growth at certain stages of incentivized industries.”

“In other words, the comprehensive SIPP will be our country’s top instrument of industrial planning,” he added.

Tags: Corporate Recovery and Tax Incentives for Enterprises ActCREATE Laweconomic recoveryRep. Joey Sarte SalcedaTrade Secretary Ramon Lopez
ADVERTISEMENT
Manila Standard

Manila Standard

Related Posts

PLDT eyes investors in data center unit

byDarwin G. Amojelar
March 26, 2023, 6:45 pm
0
8
Luck of draw could send PH to Tokyo Olympics

PLDT Inc. said over the weekend it held exploratory talks with financial advisers to bring in potential investors in its...

Read more

Ayala Land plans to sell P22b worth of fixed-rate bonds

byJenniffer B. Austria
March 26, 2023, 6:41 pm
0
8
Ayala Land’s profit rose 38% to P2.55b in the third quarter

Property developer Ayala Land Inc. plans to raise up to P22 billion from the issuance of fixed-rate bonds. ALI said...

Read more

Visa processing bottleneck restrains tourism growth

byOthel V. Campos
March 26, 2023, 6:35 pm
0
8
CONCEPCION INDUSTRIAL CORPORATION: Notice of the Annual Stockholders’ Meeting

The Department of Tourism warned over the weekend about losing P2.51 billion in industry revenues if the government fails to...

Read more

Holcim PH reported 63% drop in profit last year on weak demand, higher costs

byJenniffer B. Austria
March 26, 2023, 6:30 pm
0
8
Holcim investing P210m in factories

Cement manufacturer Holcim Philippines Inc. said over the weekend net income reached P942 million in 2022, down 63 percent from...

Read more

ERC asked to submit action plan to resolve more than 20 unapproved power supply deals

byAlena Mae S. Flores
March 26, 2023, 6:25 pm
0
8
Gatchalian eyes ‘tandem vote’ bill for President, VP

Senator Sherwin Gatchalian asked the Energy Regulatory Commission to submit an action plan to resolve the more than 20 cases...

Read more

Stocks face volatility amid dovish US Fed

byJenniffer B. Austria
March 26, 2023, 6:20 pm
0
8
Stock market surges; PLDT, Globe advance

Local stocks are expected to continue facing volatility amid the dovish US Federal Reserve’s stance and the uncertainty on the...

Read more

Print Edition

View More

Recent Posts

  • Explosives found at Teves mill
  • First Lady posts snap of Imelda to put rumors of demise to rest
  • Standard debuts ‘Environment & Sustainability’
  • San Miguel cop chief shot dead in robbery try
  • Oil spill compensation seen eclipsing P1.1-b 2006 record
  • Brace for water interruptions, El Niño—Maynilad
  • Biz groups bashed for ‘flip-flopping’ stand on Cha-cha
  • SC sides with LTO on card project

Advertisement

Latest News

Brace for water interruptions, El Niño—Maynilad

byRio N. Araja
March 27, 2023, 1:45 am
0
8
Marinduque lauds desalination project, sees end to potable water supply woes

Water concessionaire Maynilad has advised the public to be ready for possible water interruptions in the coming dry season and...

Read more

Biz groups bashed for ‘flip-flopping’ stand on Cha-cha

byMacon Ramos-Aranetaand1 others
March 27, 2023, 1:40 am
0
8
Southwoods nails Seniors’ Fil golf crown

Cagayan de Oro Rep. Rufus Rodriguez on Sunday chided the Makati Business Club (MBC) and the Financial Executives Institute of...

Read more

SC sides with LTO on card project

byRey E. Requejo
March 27, 2023, 1:35 am
0
8
SC sides with LTO on card project

The Supreme Court has ruled that the Land Transportation Office (LTO)’s use of the P341.7 million left in its 2016...

Read more

Gov’t letting US dictate terms of EDCA—group

byManila Standard
March 27, 2023, 1:30 am
0
8
Southwoods nails Seniors’ Fil golf crown

The Marcos administration has been misleading Filipinos on the Enhanced Defense Cooperation Agreement (EDCA) by letting the United States dictate...

Read more

The capable Lady Legislators of Western and Central Visayas

byPatricia Bianca S. Taculao
March 27, 2023, 1:25 am
0
8
The capable Lady Legislators of Western and Central Visayas

Due to its booming economy, rich history and culture, and captivating landscapes, the island group of Visayas continuously impresses local...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App