BY Billy Begas
House Committee on Ways and Means chairperson Joey Salceda is seeking ‘big whale’ investments from Japan.
Salceda said he had a meeting with the Japanese Embassy’s Minister for Economic Affairs Masahito Nakata and Finance Attaché Kotaro Yamaguchi to promote the Philippines using the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
“I am seeking major Japanese investments into the Philippines, particularly those above USD 1 billion. I’m shooting for big whales, those that will qualify for the 40-year tax incentives under CREATE. Frankly, when it comes to investors in the Philippines, no one else comes close to Japan. If anybody will qualify, it’s gonna be a Japanese investor,” Salceda said.
Salceda said he provided the Japanese officials with “insights into the possible composition of our priority list of investments, as well as the ‘green flags’ we’re looking for in FDI investors.”
Under the CREATE Law, the President has the power to grant tax incentives of up to 40 years for high-value, high-tech investments of at least P50 billion.
“I am working with the Department of Trade and Industry to craft guidelines for that particular section of the tax code,” added Salceda, principal author of CREATE law.
Salceda said the Japanese officials remain interested in financing the country’s infrastructure development, “but they are also looking into other areas.”
The solon said that he also brought up the issue of visa-free entry of Filipinos bound for Japan.
“I asked Japan to waive visas for Filipino tourists, with the view towards more relaxed restrictions on Filipino workers. I think they’ll do some form of it, after that meeting,” he added.
