Photo Release

CREATE bill interpellation continues: Sen. Pia Cayetano, on the 7th day of interpellation on the proposed Corporate Recovery and Tax Incentives for Enterprises or CREATE bill, stresses that foreign direct investments continued to pour in the country until 2017 but slowed down later due to geopolitical situation in the US and China. “I agree that we still have much to do in terms of improving our investment environment. Apparently, there are still investors that came in despite our incentives system. The conclusion there is that a lot of investors will choose to invest not because of the incentives alone. And that is shown in World Bank, in World Economic Forum data, that there are many reasons why investors come into a country. And incentives do not play the most important role. I am not downplaying it, but that is a fact that it is not the most important reason for investors to come in. Thus, when the decline started to happen, that was already a worldwide phenomenon not exclusive to the Philippines,” Cayetano said during the hybrid plenary session Wednesday, October 7, 2020.(Alberto Calvelo/Senate PRIB)