Tue. May 11th, 2021

The House of Representatives has placed on the top of its agenda the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill and the amendments to Republic Act (RA) No. 9160 or the Anti-Money Laundering Act (AMLA) as it resumes its session today (Monday).

In a statement on Sunday, House Majority Leader Martin Romualdez on Sunday said they will work double time in passing the measures that President Rodrigo Duterte has identified as priority.

“These (bills) are administration measures which the Department of Finance classified as vital for our economic recovery program. We are going to harmonize immediately the differences between the Senate and the House versions during the bicameral conferences,” Romualdez said.

The CREATE bill will lower the corporate income tax in the Philippines by at least 5 percent or from 30 percent to 25 percent, among others.

Meanwhile, amendments to the AMLA will prevent the inclusion of the Philippines in the Financial Action Task Force’s so-called gray list.

“This measure seeks to address the deficiencies in the anti-money laundering law and to implement regulations that will improve efforts to curb terrorist financing,” Romualdez said.

“We need all these laws if we are to bounce back from the economic ravages caused by the Covid-19 (coronavirus disease 2019),” he said.Romualdez also said the House will start discussions on the proposed amendments to the economic provisions of the 1987 Constitution. SOVEREIGNPH

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