HK biz officials commends Duterte for reforms in the business sector

HK biz officials commends Duterte for reforms in the business sector

“The President must be doing the right thing.”

Foreign businesses are indeed taking notice of the seriousness of the Philippines in improving itself in terms of having a better environment for foreign investors to do business here.

At the start of 2018 of the Rodrigo Roa Duterte presidency it has rolled out a reformed tax system and bureaucracy precisely to make the country ideal for foreign investors to do their business here.  *
Makati skyline ( photo credit to owner )

Top executive of Hong Kong Chamber of Commerce of the Philippines, Inc. (HKCCPI) are taking notice of the improving Philippine business landscape. *

HKCCPI President Anthony Chan said the lower personal and corporate income tax rates under the Comprehensive Tax Reform Program (CTRP) of the administration is boosting the country’s attractiveness to investors.

A change in the tax system implemented at the start of the year 2018 has created a scenario that lowers personal income tax- the Tax Reform for Acceleration and Inclusion or better known as the TRAIN law. And the economic team of Duterte is pushing for the CTRP Package 2 aiming to reduce corporate income tax.

“The tax reform, especially the reduction in income tax rates, also makes the Philippines more attractive and investment-friendly,” Chan said.

“We also see the current administration really mean to cut or weed out corruption that tremendously encourage investment and job creation,” he added.

The Hong Kong Chamber of Commerce of the Philippines, Inc. (HKCCPI), wishes that the Congress will pass the bill that will cut the bureaucratic red tape  making it more easier doing business in the country.

Businesses and the Filipino workers are very much thriving on better conditions under the Duterte presidency.

“Investors from Hong Kong investing in manufacturing sectors employing workers with higher than minimum wage and decent working conditions, that’s we share the view that generally the people are better off under the current administration,” he said. *

A Forbes article published earlier this month said Filipinos were better off under this administration, citing the Gallup survey that the percentage of Filipinos who consider their lives thriving since President Rodrigo Duterte took office increased to 28 percent in 2017 from 26 percent in 2016.

This is also true for International Chamber of Commerce Philippines (ICCP) Founder Francis Chua, who said the high approval rating of President Duterte in various surveys suggests that lives of Filipinos were in better condition in the past two years.

Chua said local business environment was also better off in this administration, noting the increasing number of projects registered with the investment promotion agencies in the country.

Report from PNA


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