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2020 IPP projects to qualify for CREATE


Published April 12, 2021, 7:00 AM
Economic activities listed under the 2020 Investment Priorities Plan (IPP) will serve as the initial projects that will qualify for incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act (CREATE) Law, Trade and Industry Secretary Ramon M. Lopez said.
Lopez said that even during the crafting of the CREATE bill, the economic cluster of the Cabinet already assured investors and legislators of the continuity of the sectors that will comprise the Strategic IPP (SIPP) that  will replace the IPP. 
Trade and Industry Secretary Ramon Lopez. (ALFRED FRIAS/PRESIDENTIAL PHOTO FILE PHOTO)
During the extensive consultations for CREATE undertaken by the Department of Finance and DTI-Board of Investments (BOI), Lopez said “We have assured stakeholders particularly the investors and the legislators continuity as the IPP will serve as the initial platform in transitioning from Executive Order 226 (Omnibus Inv ....

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Petron logs P11.4-B net loss last year


Published March 10, 2021, 11:51 AM
The crash in global oil prices coupled with immense domestic demand contraction had knocked down leading oil firm Petron Corporation with P11.4 billion net loss last year from its P2.3 billion earnings in 2019.
The oil company indicated its sales declined by 27-percent to 78.6 million barrels versus brisk outcome of 107 million barrels in sales the prior year.
Such sales performance consequently sparked off 44-percent tumble on the oil firm’s consolidated revenues to P286 billion, which had been mainly attributed to the pernicious impact of the Covid-19 pandemic. That result had been compared to very rosy P514.4 billion revenues in 2019. ....

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