Latest news with #CREATEMOREAct
GMA Network
4 days ago
- Business
- GMA Network
DTI certifies 4 companies as 1st export-oriented firms under CREATE MORE
The Department of Trade and Industry (DTI) on Tuesday announced it has certified the first four companies as Export-Oriented Enterprises (EOEs) under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) law. The first four companies awarded with EOE certifications are as follows: Dole Philippines Inc. (Est. 1963): A global leader in tropical fruit exports, Dole cultivates vast plantations across Mindanao and Luzon, supplying fresh and processed pineapples and juices to markets in the Americas, Europe, and Asia. The company is also expanding into sustainable agriculture and biofuel production. Philsaga Mining Corporation (PMC) (Est. 2001): PMC operates the Coo Gold Mine in Agusan del Sur, extracting over 900,000 metric tons of ore annually. Krystle Exports Philippines, Inc. (Est. 1987): Krystle Exports is a distributor of premium Filipino food and non-food products. It also partners with local manufacturers to deliver high-quality goods to the US, Hong Kong, and the Middle East. Bosch Service Solutions Inc. (Est. 2010): Based in Taguig City, Bosch provides Business Process Outsourcing and customer experience services to global clients, including the Bosch Group. The DTI said its Export Marketing Bureau (EMB) facilitated the ceremonial awarding of EOE certificates to the first four companies. The EOE certification, it said, signifies the implementation rollout of the CREATE MORE Act's VAT-related incentives for exporters. The Trade Department said the certification grants eligible enterprises access to critical tax benefits that reduce operational costs and fuel reinvestment in innovation and expansion. 'This landmark initiative marks more than a policy breakthrough—it signals our readiness to compete, scale, and lead in the global market. By strengthening the ability of our exporters to expand their reach, we are also generating jobs, and driving inclusive economic growth,' said Trade Secretary Cristina Roque. 'This commitment advances President Ferdinand R. Marcos Jr. vision for a 'Bagong Pilipinas,' as we build a more agile and opportunity-rich environment for Filipino exporters through the strategic incentives of the CREATE MORE Act,' added Roque. The Republic Act No. 12066 or CREATE MORE Act was signed into law on November 8, 2024. Under the law, qualified companies may be certified as EOEs if at least 70% of their annual sales come from export transactions. Once certified, EOEs gain access to VAT zero-rating on local purchases of goods and services, as well as VAT-exempt importation of goods directly used in export activities. These targeted incentives significantly lower the cost of doing business, allowing exporters to scale operations, enhance product quality, and compete more effectively in international markets, according to the DTI. The Trade Department called on eligible exporters to apply for EOE certification and 'fully leverage the performance-based benefits under the CREATE MORE Act.' —Ted Cordero/RF, GMA Integrated News
GMA Network
22-05-2025
- Business
- GMA Network
PCCI, MAP want appropriate, merit-based talents as Marcos revamps Cabinet
The Philippine Chamber of Commerce and Industry (PCCI) and Management Association of the Philippines (MAP), two of the country's most influential business organizations, are backing President Ferdinand Marcos Jr.'s move to revamp his Cabinet. Marcos earlier announced his sweeping call for his Cabinet secretaries to submit their courtesy resignations after his pronouncement that the results of Eleksyon 2025 showed that the people are "tired of politics and they are disappointed with the government." Notably, members of the President's economic team — Finance Secretary Ralph Recto, Budget Secretary Amenah Pangandaman, Economic Planning and Development Secretary Arsenio Balisacan, Trade Secretary Cristina Roque, and Special Assistant to the President for Investment and Economic Affairs Frederick Go — have complied with the call of the President. 'We want to continue fostering economic growth and investor confidence. And so we hope that the courtesy resignations will bring in accountable and merit-based appointments. That those who delivered and performed well will be retained. And that new and re-appointments be done the soonest possible time to avoid uncertainty and instability and so as not to derail economic continuity,' the PCCI said. MAP, likewise, said, 'We hope the President will find the appropriate talents for those he decides to replace —people who can effectively execute his government's plans.' 'We trust that capable, proactive, and committed individuals will be empowered and work together as a cohesive team to execute the nation's plans to uplift the lives of all Filipinos and move us closer to the outcomes our people deserve,' MAP said. The President, in giving his directive, said he wanted to have an elbow room 'to evaluate the performance of each department and determine who will continue to serve in line with his administration's recalibrated priorities.' MAP said that Marcos' initiative to reset key leadership roles in his administration underscores the value of principled leadership and accountability in driving progress and delivering meaningful results. 'We understand the President's actions and intentions as this happens in business and the private sector. A CEO needs to make difficult calls, such as replacing talents, with the primary objective of improving the performance of the organization. Difficult as it may be, the call of leadership is to make such hard decisions in the interest of establishing meritocracy and encouraging performance,' MAP said. The PCCI, meanwhile, said the President's call for the courtesy resignation of his Cabinet secretaries was 'quite surprising given that the government has been performing relatively well in managing the economy.' The business group said that it was unfortunate that economic growth has been "undermined by developments at the political front." 'We are trying to get more investments for the country especially with the passage of the CREATE MORE Act and the PPP Code,' it said. — RSJ, GMA Integrated News
