The Department of Finance (DOF) is optimistic that amendments to the fiscal incentives system, outlined in the CREATE MORE bill, will effectively address concerns raised by Japanese investors.
Finance Secretary Ralph Recto highlighted these adjustments during the Philippine Economic Briefing in Tokyo, emphasizing improvements to the VAT system and its refund process to benefit export-oriented enterprises.
Recto also touted additional economic liberalization measures aimed at attracting foreign investment, such as amendments to retail trade, public services, and foreign investment laws.
He underscored the strategic appeal of the Philippines to Japanese investors, noting Japan’s significant direct investments in the country, which reached $137.91 million in the first quarter of the year according to BSP data.
Source: PhilNews24 | June 22, 2024
