Senate passes the CREATE bill on final reading

The Senate Bill No. 1357 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Bill, formerly known as Corporate Income Tax and Incentives Reform Act (CITIRA) was passed on its third and final reading by the Senate on 26 November 2020 with twenty out of twenty-one (20/21) senators voted in favor, and one (1) opposed.

Once it has been enacted into law, corporate income taxes (CIT) will be reduced from 30% to 25%, time-bound & performance-based incentives will be induced, and fiscal incentives will be rationalized to further attract necessary foreign direct investments.
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First virtual National Export Congress 2020 highlights digitalization to invigorate export 

The first virtual National Export Congress (NEC) 2020 underscores “Digitalization Boost: Invigorating Exports in the New Normal” as its theme this year. The recently concluded event was a success with a broader audience reach nationwide, having participated virtually by over a thousand participants via Zoom, Facebook, and YouTube on 03 December 2020.

The NEC is the highlight event of the National Exporters Week (NEW).  Every first week of December is the annual celebration of the NEW per Presidential Proclamation No. 9931, s. 1996 and House Resolution No. 33. It highlights the government and private sectors’ commitment to continuously work together to sustain export promotion and development, especially in this most trying time of the pandemic.
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SheTrades Hub launch empowers PH women entrepreneurs to go global

In partnership with the Department of Trade and Industry – Export Marketing Bureau (DTI-EMB) and the International Trade Centre (ITC) virtually launched the first-ever SheTrades hub in Asia held on 03 December 2020.  The Shetrades hub seeks to connect three million PH women entrepreneurs to the global market by 2021 and provide women entrepreneurs and women-owned Small and Medium Enterprises worldwide with a unique network and platform to connect to the global markets.

The Hub launch in the Philippines aims to bolster Filipino women’s international competitiveness in businesses in the country. It also seeks to provide members with the support to tap into regional and global value chains and expand trade and investment opportunities for Micro, Small, and Medium Enterprises (MSMEs).  DTI-EMB Assistant Director Agnes Legaspi hopes that with this collaboration, the Philippines will contribute to the SheTrades’ 2021 goal with the Pinay-owned businesses at the forefront. Continue reading SheTrades Hub launch empowers PH women entrepreneurs to go global

Roadmap launched to empower Philippine cold chain industry

The Philippine Cold Chain Roadmap has been launched with the primary objective “to guide the industry in the coming years and adapt to the “new normal” situation.”
This is the offshoot of the collective efforts made by various industry stakeholders that started in 2019. The Board of Investments (BOI) together with the Cold Chain Association of the Philippines, Inc. (CCAP) and Department of Agriculture (DA), other concerned government agencies, and private individuals collaborated to showcase the following: where the industry is at present, where the industry would like to go, and what are the plans to get there to sufficiently meet local demand and customer requirements and empower the industry.

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ASEAN-JAPAN Centre underscores the need to strengthen Global Value Chains  (GVCs) towards resilience

ASEAN-Japan Centre (AJC) Secretary-General Fujita Masataka reported that many countries had felt disruptions of supply chains in this time of the pandemic.  Hence the series of calls at the international and regional level for strengthening and rebuilding of value chains such that of the G20 Actions to support world trade and investment in response to COVID19 on 14 May 2020, and the Hanoi Plan of Action on Strengthening ASEAN Economic Cooperation and Supply Chain Connectivity in Response to the COVID19 pandemic on 19 June 2020. Continue reading ASEAN-JAPAN Centre underscores the need to strengthen Global Value Chains  (GVCs) towards resilience

Not to miss the 1st virtual National Export Congress 2020

Given the pandemic that affected the whole world with the overwhelming health crisis that brought risk to people’s lives and businesses, the government and the private sector was pushed to pursue innovation and digitalization programs.

We innovate to transform and shift to digital. Join us as we celebrate the 25th week-long celebration of the National Exporters Week highlighted by the National Export Congress 2020 via zoom platform with the theme “Digitalization Boost: Invigorating Exports in the “New Normal”.

Exporters and other stakeholders are enjoined to register for the National Export Congress 2020 at bit.ly/attendNEC2020. The Congress will feature new business models and strategies to help exporters cope and grow through technology and innovation to invigorate exports in the New Normal. See you virtually!

DICT responds to the need for an abrupt shift for Digitalization

DICT responds to the need for an abrupt shift for Digitalization pushed by the global health crisis brought by the COVID-19 Pandemic. The majority of businesses are currently leveraging the use of online platforms to continue their market. As part of the new normal adaptation, online platforms are an excellent measure to sustain their market demand.

As part of its commitment to EDC in the implementation of PEDP being one of the agencies under MC 27, the Department of Information and Communications Technology (DICT) hastened to implement and improve the National Broadband Program (NBP) on internet connectivity throughout the country. It aims to improve Internet speed by accelerating fiber optic cables and wireless technologies to enhance the country’s Internet speed and ensure that all Filipinos have access to broadband capability.
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Export boost expected from the Regional Comprehensive Economic Partnership

Export Boost is to be expected from the recently signed Regional Comprehensive Economic Partnership (RCEP). It will broaden trade in goods and services, deepening economic integration among the 10 Southeast Asian countries, South Korea, Japan, Australia, and New Zealand.  By far, this is the world’s largest trading agreement bloc covering 30% of the global economic output in the coming years.

RCEP is a “modern and comprehensive type of FTA,” said the Department of Trade and Industry (DTI) Secretary Ramon Lopez. “…RCEP will cover a lot more areas, not just trade in goods but also in services, investment, intellectual property, micro-SME, e-commerce. New items are now included in the RCEP, better market access for automotive cars, garments, electronics, and even for services such as legal accounting and engineering…” he added. Continue reading Export boost expected from the Regional Comprehensive Economic Partnership

BSP to standardize MSMEs loan application process

The Bangko Sentral ng Pilipinas (BSP) is working with banks on the standardization of the Micro, Small and Medium Enterprises (MSME) loan application process. BSP is also developing the concept note and draft standard loan application form. This initiative aims to streamline/ lessen the requirements of financial institutions and provide more access to MSMEs.

In a press release by the BSP, it has allowed loans to large enterprises and MSMEs to be considered banks’ alternative reserve compliance until end-2022 to help companies affected by the pandemic. Consequently, loans that are guaranteed by the Philippine Guarantee Corporation, the Agricultural Guarantee Fund Pool (AGFP), and the Agricultural Credit Policy Council (ACPC) were assigned a zero percent credit risk weight. This move is meant to encourage banks to lend to small farmers and fisherfolk.

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Bill creating Transportation Safety Board nears enactment

The legislation creating the Philippine Transportation Safety Board is nearing enactment after hurdling the House Appropriation Committee on Wednesday, 18 November 2020. The bill was previously approved jointly by the Transportation and Government Reorganization Committees. The Senate has earlier approved its version on the third and final reading.

The PTSB shall be a non-regulatory and autonomous agency attached to and under the general supervision of the Office of the President. It shall be the primary agency responsible for the conduct of impartial investigation on transportation-related accidents and incidents. The main
objectives of the PTSB are: (a) to improve transportation safety measures that will help in the prevention of transportation accidents and mitigation of dangers to human lives and property; and (b) to ensure the implementation of transportation safety standards. Continue reading Bill creating Transportation Safety Board nears enactment