COURTESY: BCDA
Imagine waking up to a future where the Philippines stands tall as a beacon for business and investment in the Asia Pacific region. That's not just a dream anymore, thanks to the recent passage of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act into law. The Bases Conversion and Development Authority (BCDA) is buzzing with excitement, seeing this as a pivotal move to bolster Clark’s standing on the global stage.
On a memorable Monday, November 11, 2024, the grandeur of Malacañan Palace was the backdrop for President Ferdinand R. Marcos Jr. signing the CREATE MORE Act, also known as Republic Act (RA) 12066. This legislation is not just another piece of paperwork; it’s a strategic overhaul aimed at making the Philippine tax incentives regime more appealing to global investors. By reducing the corporate income tax rate from 25% to 20% and extending tax incentives availment to 27 years, the Act is set to attract more investments, create jobs, and turbocharge economic growth.
Clark is not just a place; it's a vision. With the BCDA at the helm, Clark is poised to become a top-notch business and investment destination. The passage of CREATE MORE is a powerful signal to investors worldwide that the Philippines is gearing up to be a major player in the region. Engr. Joshua M. Bingcang, BCDA President and CEO, emphasized the agency's commitment to collaborating with both public and private sectors to unlock Clark’s full potential.
Clark metropolis is a vibrant tapestry that includes Clark International Airport, Clark Freeport Zone, and the innovative New Clark City. The New Clark City is a sprawling 9,450-hectare development within the Clark Freeport and Special Economic Zone, designed to be a model of inclusivity, resilience, sustainability, and smart city living. This ambitious project is part of the broader efforts led by Special Assistant to the President for Investment and Economic Affairs, Frederick Go, to transform the Philippines into a top investment destination.
The international community is taking notice of the Philippines’ upward trajectory. Just this August, Japan-based credit watcher Rating and Investment Information Inc. (R&I) gave the Philippines' foreign currency issuer rating a boost to "A-" with a stable outlook. This endorsement is a nod to the country’s steady economic growth and rising national income. The Philippine economy, one of the fastest-growing in the region, clocked in an impressive 5.2% growth in the third quarter of the year.
The BCDA’s efforts to position Clark as Asia Pacific’s next investment hub are crucial to the Marcos administration’s Build Better More program. This initiative aims to decongest Metro Manila, pushing for socioeconomic development in Central and Northern Luzon. By transforming Clark, the BCDA is not just supporting economic policies but actively contributing to the nation’s growth agenda.
Clark’s transformation is more than just an economic strategy; it’s about building a future-ready city. New Clark City is at the heart of this transformation, embodying modern urban planning that emphasizes sustainability and resilience. It’s not just about creating jobs or attracting investments; it’s about crafting a living space that future generations will be proud to call home.
As the BCDA continues to push forward, the organization remains committed to fostering partnerships that will drive this vision. The CREATE MORE Act is a crucial tool in this endeavor, enabling Clark to harness its full potential and emerge as a key player in the regional economic landscape. With these developments, the Philippines is set on a path that promises prosperity and progress, heralding a new era of growth and opportunity for all.
In conclusion, the passage of the CREATE MORE Act is more than legislative action; it’s a declaration of intent and capability. It signifies a commitment to transforming the Philippines into a powerhouse of economic activity and innovation, with Clark at the forefront leading the charge. So, here's to a future where dreams of economic prosperity and global competitiveness are not just realized but exceeded.
No comments:
Post a Comment