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Manila Bulletin devider Philippines devider National devider Salceda: DTI's investment plan under CREATE law done, awaiting Duterte's signature

Salceda: DTI's investment plan under CREATE law done, awaiting Duterte's signature

Published Apr 3, 2022 01:31 pm

The final draft of the Strategic Investment Priorities Plan (SIPP) under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law has been completed and will soon be presented to President Rodrigo Duterte, said House Ways and Means chair and Albay 2nd District Rep. Joey Salceda.

Rep. Joey Salceda (Photo from Joey Salceda's Facebook)

The CREATE Act seeks to provide financial stimulus to businesses via tax incentives, especially amid the economic burden of the Covid-19 pandemic. According to the Department of Finance (DOF), over P-1 trillion worth of tax relief will be provided to private businesses–primarily micro, small, and medium enterprises (MSMEs)–in the next 10 years.

Salceda said that the Department of Trade and Industry (DTI) has completed its SIPP and presented it to the CREATE law’s Fiscal Incentives Review Board. This SIPP notes which enterprises the CREATE law can provide tax incentives for.

“I thank the DTI for delivering on commitments agreed upon last December . On CREATE’s anniversary, we can finally say we are ready for a full-swing implementation. Thank you to Secretary Lopez for getting this done,” Salceda said in a statement on Saturday, April 2.

Thus, the completed SIPP under the law is ready to be sent to the Office of the President.

" Usec. Perry Rodolfo also told me they will transmit this to PRRD next week. That means all the basic implementing guidelines of CREATE will be in effect before PRRD's term ends. That's a very big gift to whoever the next president will be," Salceda said.

He projected that the CREATE law, alongside the recently amended Public Service Act, will boost foreign direct investment (FDI) up to USD 20 billion by 2026.

The Albay solon also added that he would make a manifestation to the President to urgently approve the DTI’s SIPP, estimating that Duterte will be ready to issue the SIPP in a month.

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DTI sipp CREATE Law joey salceda
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