Andrea E. San Juan | December 2, 202
Philippine government officials are eyeing to do more investment missions to the United States, Japan, South Korea and the European Union once the implementing rules and regulations of Create More are finalized by February 2025, according to the Office of the Special Assistant to the President for Investment and Economic Affairs (Osapiea).
At the recent 3rd Luzon Economic Corridor (LEC) Steering Committee meeting, Special Assistant to the President for Investment and Economic Affairs Frederick Go said plans for such a roadshow are already in motion and are set to be launched “immediately” following the finalization of the implementing rules and regulations of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy.
“The IRR is expected to be completed by February of next year. We’re waiting for the IRR before we do that roadshow,” Go said.
In a statement at the weekend, Osapiea explained that representatives from both the United States and Japan, the partners of the Philippines in the development of the Luzon Economic Corridor, expressed their interest in the potential of this “new investment-inducing” law to attract greater participation and investments.
According to the investment and economic arm of the Office of the President, the US delegation highlighted the Create More Act as a “pivotal tool for enhancing investment opportunities within the [Luzon Economic Corridor] framework.”
“They suggested Philippine officials to conduct a comprehensive roadshow that will showcase the benefits of this landmark legislation,” Osapiea said.
Go explained that the Board of Investments (BOI), together with the Investment Promotion Agencies (IPAs), is organizing a roadshow to all the countries that have “great interest in investing in the Philippines.”
“We will answer the questions: What does the Philippines have to offer? What locations can we offer? What are the benefits of signing up with the Investment Promotion Agencies because of Create More?” said Go.
“We will reach out to them, and let them know how Create More supports them, and how it gives predictability in the regulatory environment in the Philippines,” he also noted.
Among the countries being explored to be visited are the US, Japan, South Korea, and the European Union.
Since its launch in April, the Luzon Economic Corridor initiative continues to draw interest from various countries, Osapiea said.
Create More, a legislation seen to enhance the investment climate in the Philippines, was signed into law by President Ferdinand R. Marcos Jr. last November 11.
Business groups including the American Chamber of Commerce of the Philippines (AmCham), the European Chamber of Commerce of the Philippines (ECCP), Canadian Chamber of Commerce of the Philippines, Japanese Chamber of Commerce and Industry of the Philippines, Korean Chamber of Commerce Philippines Inc. said in a statement last month that the enactment of the Create More Act is a “significant milestone” for the Philippines as it aims to “solidify its position as a competitive destination for investments and business expansion.”
“This legislation addresses the urgent need to review and revise the country’s investment incentive policies, ensuring they remain aligned with international standards. We have been strongly supporting this bill to foster a business-friendly environment and spur economic growth,” the chambers said.
Source: https://businessmirror.com.ph/2024/12/02/phl-eyes-investment-mission-blitz-after-create-more-i-r-r/