The Philippine business community enthusiastically applauded the recent signing of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act.
The Management Association of the Philippines, for instance, said the long-awaited law would “address investors’ pain points, preserve jobs, create more opportunities for Filipinos and cultivate an investment-friendly playing field.”
That the law successfully went through the legislative mill can be credited to the concerted efforts of both the executive and legislative sectors.
Among those cited for successfully shepherding the bill into a law is former Robinsons Land Corp. chief executive Frederick Go, the “economic czar” who was appointed earlier this year by President Marcos as special assistant to the President for investment and economic affairs.
Key business figures said Mr. Marcos served the country well by recruiting reputable corporate leaders into public service.
Bryan Ang, vice president for trade facilitation of the Philippine Chamber of Commerce and Industry (PCCI), said “only seasoned capitalists like [Secretary] Frederick Go can push for massive reforms in the business and export sectors that can immediately attract foreign investors.”
Echoing the sentiment is Philippine Exporters Confederation Inc. President and CEO Sergio Ortiz-Luis, who said: “We are grateful to President Marcos Jr.’s administration for its commitment to advancing policies that foster growth and innovation in our sector—and that includes bringing in business people like Secretary [Frederick] Go [of the Office of the Special Assistant to the President for Investment and Economic Affairs] into his team.”
He credited Go for playing a vital role in championing the passage of CREATE MORE, asserting that private groups appreciated the efforts exerted by Go to ensure “collaboration among various industry groups, including the Philippine Chamber of Commerce and Industry” which were “instrumental in advancing the legislation.”
Go indeed worked hard behind the scenes, meeting personally with legislators in both the House and the Senate to advocate for the bill’s passage.
He therefore made good on his promise that he “would stop at nothing until CREATE More becomes a law.”
The challenge now is to ensure that the law will bring in the promised results. — Tina Arceo-Dumlao
Palawan group keen on vault services
After venturing into the sale of customized gold coins and bars, the Palawan Group of Companies now wants to add vault services to its menu.
Karlo Castro, the president and chief executive officer of the company, told Biz Buzz during the media launch of the Palawan gold program last week that this type of service was in the pipeline and that they are working on regulation compliance.
“A few months from now there will be a different answer and we will be able to provide that facility,” he said.
The firm’s gold program is its latest product offering where people can buy from their collection of gold coins and bars, touting it as a stable and long-term investment.
The minimum sale price is P5,600 for a 1-gram coin while a 20-gram bar costs as much as P112,000, with varying discounts available for Palawan suki card owners.
“By offering competitive pricing and flexible payment options, we are removing the barriers to ownership, empowering more Filipinos to secure this valuable asset,” Castro said. – Alden M. Monzon