Press Release
February 3, 2021

Manifestation on the Ratification of CREATE Bicam Bill

Mr. President, at this juncture, I would like to thank and congratulate the Chairperson of the Committee on Ways and Means, Senator Pia Cayetano, for ably and tirelessly sponsoring such a complex legislation that is the CREATE or the Corporate Recovery and Tax Incentives for Enterprises Act.

First of all, I fully support the provision under CREATE to reduce the Corporate Income Tax (CIT) rates,which for so many years have been so uninviting to investors. This will be a huge relief especially to our MSMEs who are reeling from the economic turmoil brought about by the COVID-19 pandemic and the calamities that struck the country recently.

Second, this representation shares the noble objectives of the Sponsor in reforming our tax incentives system to make it more responsive to the needs of the country. As I shared before, I had looked forward to discussing this bill as it was previously introduced as TRABAHO Bill.

Kaya't pinagtuunan po natin ng pansin ang TRAINING ng mga manggagawa. Skills upgrading po ang nakikita nating solusyon para protektahan ang trabaho ng ating mga kababayan.

In short, we need to make sure that our workers are "future-proof" and better prepared to fill higher value jobs.

That is why, I would like to thank again the Sponsor for accepting our numerous amendments, including the expansion of tax deductibility of training expense, specifically including dual or enterprise-based trainings for students in senior high school, tech-voc, and tertiary education. This will help address the jobs-skills mismatch in the country and improve employability of our graduates.

Lastly, I pose this challenge to the members of the FIRB and the relevant agencies: Since the beginning of the deliberations of this measure, the DOF has continuously assured us that jobs and livelihood will be promoted and created, and not destroyed Like how CREATE makes incentives recipients accountable to their promises, I hope it applies to the FIRB and the DOF as well.

Handa po tayong makipagtulungan sa ating mga ahensya sa paglikha ng trabaho subalit magbabantay din po tayo para hindi naman mapako ang mga pangakong trabaho sa ilalim ng CREATE. These jobs must be real, and not imagined. Our projections may be good on paper but if it does not materialize as hoped, we will fail our people miserably. We need to create jobs for our people as we continue to jumpstart our economy back to the pink of health.

Muli, maraming salamat, at pagpalainpo tayong lahat ng ating Panginoong Diyos.

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