Business groups urge Congress to pass CREATE bill before recess

Philippine business groups are urging Congress to pass the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill before the session ends on June 3.

The bill aims to reduce the corporate income tax rate from 30% to 25%, which businesses hope will stimulate economic activity during the pandemic.

Thirty-two major business groups issued a joint statement supporting CREATE but also called for measures to prevent abuse of incentives.

Trade Secretary Ramon Lopez stated that the Department of Trade and Industry fully supports the bill, emphasizing its importance in addressing supply chain disruptions caused by the pandemic.