Makati Business Club Discusses CITIRA by Philip Omictin
Last February 27, I attended the Makati Business Club (MBC) General Membership Meeting (GMM) held at the Makati Diamond Residences. I always liked attending the MBC GMMs because of two things: networking and the topics. The attendees are mostly business leaders: C-levels, owners, board members, and other decision makers at the senior management level of big and prestigious companies. The topics are very well-thought of and are relevant not only to the attendees, but to the general public as a whole.
At this particular event, the topic is political and can therefore be perceived as controversial. In my opinion though, no one is more competent in discussing the topic on the Corporate Income Tax Incentives Rationalization Act (CITIRA) than its author, Albay Representative Joey Salceda.
There are several resources available online about CITIRA, so I won’t be discussing it in detail. The main point of Cong. Salceda’s presentation is that CITIRA is expected to be signed into law in the coming weeks by President Duterte, given that it has passed the third reading of the Senate. Furthermore, being the author of the bill, Cong. Salceda reviewed the amendments suggested by the Senate and is amenable in implementing the changes, so long as he sees the bill become a law at the soonest possible time.
Based on the amendments, the obvious beneficiaries will be areas in the provinces. The incentives for investors or new companies entering these far-flung areas are very lucrative, which is actually the main purpose of the bill. This bias in the countryside will also help decongest Metro Manila and nearby areas. More importantly, CITIRA will give our FDIs a much-needed boost. This in turn will create more jobs and contribute to the country’s GDP, once CITIRA gets passed into law.
Please visit and join the John Clements Talent Community.
About the author:
Philip is a basketball fan and a toy collectible enthusiast. His hobbies include playing the guitar and the drums. While he used to spend countless hours playing role-playing games, this newly-married guy’s focus is now building a family and serving in church.
