(CREATE Law ibinida sa South Korean firms) MAG-INVEST, MAG-EXPAND SA PINAS

HINIKAYAT ng Philippine Board of Investments (BOI), ang lead industry at investment promotion agency sa bansa, ang South Korean firms na palaguin pa ang kanilang mga negosyo sa Filipinas.

Ginawa ni Trade Undersecretary at BOI Managing Head Ceferino Rodolfo ang pahayag sa online briefing sa South Korean companies kamakailan sa recently-enacted Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act at sa Strategic Investment Priority Plan (SIPP).

Ang briefing ay magkatuwang na inorganisa ng BOI, Embahada ng Republic of Korea sa Filipinas, Embahada ng Republic of the Philippines sa South Korea, at ng DTI-Foreign Trade Service Corps via Zoom.

“With CREATE in place, we are encouraging South Korean firms, especially those engaged in strategic activities like EV/EV parts and semiconductor manufacturing to invest or expand in the country and take full advantage of this landmark legislation. We are strongly optimistic of a resilient post-pandemic recovery as the fundamental structure and strength of our economy remain intact. We positively respond to the easing of quarantine restrictions,” sabi ni Undersecretary Rodolfo.

Sinusugan ni Chargé d’ Affaires Christian De Jesus ng Philippine Embassy sa South Korea ang panawagan ni Undersecretary Rodolfo.

“There are more opportunities for the Philippines to host the different manufacturing companies of Korea and help make these companies more competitive through international expansion. Some of these leading sectors in Korea are in Vehicle and Vehicle parts including EV and EV batteries, Electronics and Semiconductors, Life Sciences and Medical products and supplies, Chemical Products, Heavy Industries, and Food Processing,” sabi ni De Jesus.

“Our Philippine economic diplomacy is grounded on the pursuit of sustainable economic development through globally-oriented, open, and inclusive economic policies for stakeholders. With the incentives tied to CREATE law, we can encourage more Korean companies in these manufacturing sectors to seriously consider the Philippines as their investment destination,” dagdag pa niya.

Ayon kay Rodolfo, ang South Korean companies ay kabilang sa top producers ng semiconductors, kabilang ang i Samsung Electronics and Daeduck.

“Should they decide to put up another facility or expand production operations, they may avail of the following incentives under CREATE with at least four years of Income Tax Holiday (ITH) or even up to seven years because of the level of technology and location. And equally important, after this ITH, both of these export-oriented companies can enjoy 10 years of—at their choice—either Enhanced Deductions or the Special Corporate Income Tax (SCIT) of five percent on Gross Income Earned,” aniya.

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