The Department of Trade and Industry (DTI) said five Japanese companies with substantial investments in the Philippines plan to expand their operations in the country in anticipation of the implementation of the CREATE MORE bill.
DTI acting Secretary Ma. Cristina Roque identified the five companies as Japan Institute of Design and Promotion, Itochu Corp., MinebeaMitsumi, Aeon Co. Ltd. and Marubeni Corp. which indicated plans for expansion.
The bicameral conference committee of the Senate and the House of Representatives recently approved the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill which aims to lower taxes on domestic and foreign companies to 20 percent from 25 percent and eliminate value-added tax (VAT) on essential services.
“They said that the Philippines is very important to them now, and their business with the Philippines is growing, and they look forward to more investments in our country, especially now that the CREATE More Bill will soon be signed by the President,” Roque said, highlighting the potential of generating more jobs for Filipinos.
She said with the approval of the bill, Itochu sees significant potential in the Philippine food sector.
“Itochu Corp. has expressed particular interest in increasing the production and import of various food products from the Philippines, including dried mangoes, banana puree, and other processed fruits,” Roque said.
Roque was in Japan to inaugurate the Tatak Pinoy SME Hub at the Philippine Trade and Investment Center in Tokyo. The first SME hub in Tokyo showcases a diverse range of Philippine SME products.
