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January 11, 2022

Does proposed creation of new economic zones conform with create law?: This was the question raised by Senate Minority Leader Franklin Drilon during the virtual hearing of the Committee on Economic Affairs Tuesday, January 11, 2022, on various measures seeking to create special economic zones. Drilon said he has no objection to the proposed measures, but he wanted to know if they are consistent with the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, adding that many of the bills were filed before the enactment of the law. "Are all these measures consistent with the CREATE bill and if not, is there an intention on the part of the committee and the committee chairperson to amend it so that it will conform to the provisions of the CREATE law?” Drilon asked. Sen. Imee Marcos, chairperson of the committee, said they have been conscious of updating the bills and would include the amendments in the committee report to be able to comply with the “controversial and well-debated incentive system” that CREATE has put in place. (Screen grab/Senate PRIB)

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