The government is optimistic that the Senate will soon approve its version of the CREATE MORE bill, paving the way for a swift bicameral hearing on the crucial economic reform legislation.
Secretary Frederick Go, the special assistant to the President for investment and economic affairs, expressed hope that the Senate version would be released next week and that the House would be receptive to it.
“If the Senate passes the bill on Tuesday, a bicameral hearing could potentially be held as early as Wednesday or Thursday,” he said.
The House of Representatives passed its version of the CREATE MORE bill in March.
This bill aims to enhance the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, making the country’s tax incentives more competitive and aligning them with international standards.
The bill is considered vital to attracting more investments and boosting economic growth in the Philippines. It includes provisions that reduce corporate income tax, streamline the tax refund process and offer additional incentives for certain sectors such as renewable energy and green infrastructure.
The swift passage of the CREATE MORE bill is expected to send a positive signal to investors and contribute to the country’s economic recovery efforts, said Go.
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