00:00It is expected that more investors will enter the country after President Ferdinand R. Marcos, Jr. passed a law that will make the Philippines a prime investment destination.
00:13The new law will also greatly help in attracting more jobs for the Filipinos.
00:20This is Clayzel Pardilian of PTV for Panbansa Live. Clayzel.
00:27It is expected that more domestic and foreign investors will enter the country after President Ferdinand R. Marcos, Jr. passed a law that will make the Philippines a prime investment destination.
00:39Under Republic Act No. 12066 passed by President Ferdinand R. Marcos, Jr., or Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy,
00:55it is expected that more domestic and foreign investors will enter the country after President Ferdinand R. Marcos, Jr. passed a law that will make the Philippines a prime investment destination.
01:26We have enhanced our tax regime, incentive framework, and making it more inviting for investment, while remaining steadfast in the principles of fiscal prudence and stability.
01:40Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy, Incentive Framework, and making it more inviting for investment, while remaining steadfast in the principles of fiscal prudence and stability.
01:58It will also provide a 100% reduction in electricity costs to reduce manufacturing costs and add an additional 50% for tourism reinvestment and trade fair expenses.
02:11It will also make it easier to obtain value-added tax refund claims and will speed up the issue of problems related to export.
02:21It will also protect flexible working arrangements within economic zones that will not be affected by their incentives.
02:31To our investors and development partners, let this be our pledge.
02:35The Bagong Pilipinas continues to foster an economy where businesses and investments remain at the heart of our progressive development.
02:45We are promoting transparency and predictability.
02:49And in so doing, we create a more reliable process that instills confidence in investors and in partners alike.
02:57In addition, we are also promoting the creation of more provisions in the existing law to be more fair to Filipino businessmen.
03:08We are also clarifying local taxation during the income tax holiday and enhanced deductions regime.
03:15This creates a fair and balanced system for local taxes, giving businesses greater certainty while ensuring that local communities also benefit from their presence.
03:27And because of this, Alan, we expect more businesses to open up and more jobs and opportunities for Filipinos will be provided.
