Digitally driven FICCI and IBF held a joint webinar to discuss the perspective of doing business in the Philippines

Published March 1, 2021, 7:28 AM

by Enzo Luna

During digitalization of business industry in the Philippines, many organizations are realizing the impact of how work gets done, transform how customers and companies engage and interact, and create new revenue streams that will benefit domestic and foreign business transactions.

It’s the purpose of a joint webinar hosted by Federation of Indian Chambers of Commerce Phils. Inc. (FICCI) and Indian Business Community in the Philippines and India Business Forum Philippines Association, Inc. (IBF) to analyze and understand the business situation in the country as we deal with the pandemic and towards road to business recovery.

Representatives of FICCI, one of the pioneer ethnic foreign Chambers of Commerce in the Philippines, engaged in promoting the business and social interests of the Filipino, and the IBF, a non-stock non-profit organization under the auspices of the Embassy of India in the Philippines, with the Ambassador of India as its patron, that brings together Indian corporate leaders in the country in order to further India-Philippines relations, discussed through a webinar the CREATE Bill and how it may affect domestic and foreign business opportunities featuring partners from SGV & Co. and other esteemed guests of honor.

The passing of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill facilitated opportunities for participatory and complimentary legislation for a functional policy that will benefit domestic and foreign investors. It will also make it more relevant and responsive to the needs of businesses negatively affected by the COVID-19 pandemic, and to improve the ability of the Philippines to attract highly desirable investments that will serve the public interest.

FICC and IBF, in cooperation with SGV & Co. and the Indian Embassy launched the first joint webinar entitled “Perspective of Doing Business in the Philippines: A way forward for domestic and foreign investors” last February 26,2021. The webinar provided latest updates on CREATE which introduces corporate tax reforms, present a high-level overview of how to start and set-up business in the Philippines. The webinar also aims to guide e-commerce in the Philippines as it is one of the growing business today that contributes to economic growth.

Guest speakers included incumbent Secretary of Department of Trade and Industry, Ramon Lopez who talked about the growth and importance of business during the pandemic.

The webinar opened forum to discuss about the available incentives for domestic and foreign investors. It also covered the new tax policies, documentation and reportorial requirements on transfer pricing as set forth by the Bureau of Internal Revenue, making business transactions faster as the country gears for and towards digital transformation.

Keynote speakers, Atty. Fabian Delos Santos, and Atty. Reynante Marcelo discussed important sections of CREATE and salient changes in corporate income tax.

CREATE was certified as urgent by President Rodrigo Duterte on March 9, 2020 and mentioned as a SONA priority this year as well as in previous years.

Contact the FICCI Secretariat (63) 917-6263422 or email at [email protected] and IBF Corporate Secretary at (63) 917-8915393 to know more about the updates on CREATE and the joint webinar.