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Philippines offers new incentives at Investment Forum in Taipei 04/20/2021 12:28 PM Photo courtesy of Manila Economic and Cultural Office (MECO) Taipei, April 20 (CNA) The Philippines highlighted new tax incentives for investing and operating in the country at the annual Philippine Investment Forum in Taipei on April 15. The forum, held by the Manila Economic and Cultural Office (MECO), focused on the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which was signed into law by President Rodrigo Duterte on March 26 and takes effect on July 1. The act lowers the corporate in...

MANILA, Apr. 19 -- Secretary Carlos Dominguez III underscored Monday the firm resolve of the Department of Finance (DOF) to keep the country’s strong fiscal position and ensure ample financial resources in the protracted battle against the COVID-19 pandemic and the parallel efforts to reinvigorate the economy.  Speaking on the occasion of the DOF’s 124th anniversary, Dominguez thanked the men and women of the Department for doing their part in the “extremely difficult” task of getting congressional approval for the needed measures under the Comprehensive Tax Reform Program (CTRP), w...

Accounting in a world reshaped by COVID-19 April 16, 2021 | 8:05 am Special Features Writer There are few things in history that have caused a titanic upheaval to modern society like the coronavirus disease 2019 (COVID-19). Aside from plunging the world economy into the worst global recession since the Second World War, according to the World Bank, the pandemic has also exacerbated the risks associated with a decade-long wave of global debt accumulation, as well as steepening the long-expected slowdown in potential growth over the next decade. In his foreword to this year’s Global Economic...

The Philippines CREATE Act Comes into Effect, Pushing for Accelerated Economic Recovery The Philippines CREATE Act Comes into Effect, Pushing for Accelerated Economic Recovery April 16, 2021 Posted by ASEAN Briefing Written by Lisa Prodent Reading Time: 4 minutes The CREATE Act is a time-bound and tailor-made set of corporate and tax reforms to counter the effects of COVID-19 on the Philippines’ economy. The Act reduces the financial burden on foreign and domestic companies through various tax incentives. Through the CREATE Act, the gove...

Published April 17, 2021, 12:11 AM In a virtual economic briefing to mark the 75th anniversary of the post-war bilateral relations between the Philippines and the United States, Finance Secretary Carlos Dominguez delivered his message right off the bat: “This pandemic is a test of fiscal stamina and it was fortunate that when it hit us, the Philippines was financially ready.” First, the tax reforms initiated by the Duterte administration when it assumed office in mid-2016 assured a steady revenue flow to cushion the severe impact of a Luzon-wide lockdown at the onset of the outbreak in Ma...