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CREATE now awaits Duterte's signature


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CONGRESS ratified on Wednesday the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) law,  which will cut corporate income tax (CIT), streamline fiscal incentives and ease coronavirus disease 2019 (COVID-19) vaccine importation.
The final version of CREATE will now be sent to Malacañang for President Rodrigo R. Duterte’s signature.
It will immediately slash CIT to 25% from 30% which is currently one of the highest in Southeast Asia. It further cuts corporate income tax to 20% for micro, small, and medium enterprises with net taxable income below P5 million and total assets below P100 million.
“Hopefully, this will be implemented soon, as CREATE can be a ventilator that will help companies in ICU, or prevent them from entering one,” Senator Ralph G. Recto said in his explanation of vote. ....

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10 franchises, including San Miguel Aerocity for new airport, lapse into law


(San Miguel Corporation / MANILA BULLETIN)
The new laws, recently posted on the Official Gazette, include the franchise renewal of six broadcasting stations, two power companies, one airport development firm, and one race track company.
A measure granting San Miguel Aerocity Inc. a franchise to construct, develop, establish, operate and maintain a domestic and international airport in Bulacan has also lapsed into law.
Republic Act No. 11506 also allowed the company to build and operate an adjacent airport city. The law also stated the responsibility of the franchise holder to the public, including conforming to ethics of honest enterprise, operating in line with sustainable development goals, and compliance with environmental and sustainability standards. ....

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Bulacan airport project sued over environment issues; SMC vows to address concerns


Bulacan airport project sued over environment issues; SMC vows to address concerns
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San Miguel Corporation said it has begun a project to plant thousands of mangroves in a coastal area in Hagonoy, Bulacan. (FILE PHOTO)
Metro Manila (CNN Philippines, December 15)  A marine conservation group filed a writ of kalikasan case on Tuesday, saying San Miguel Corporation s ₱734-billion airport project in Bulacan will affect Manila Bay s marine life and migratory bird population.
Oceana Philippines went to the Supreme Court to file the petition that was signed by its vice president Gloria Estenzo Ramos, Bulakan town fishermen Rodel Alvarez and Teodoro Bacon, as well as labor group Aniban ng mga Manggagawa sa Agrikultura (AMA) and San Jose del Monte Archbishop Roger Martinez. ....

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