MANILA, Philippines – Peace and order is more important to investors than the tax incentives offered by the government, Finance Secretary Carlos Dominguez III said during the Pre-Sona Economic and Infrastructure forum on Monday.
“They invest primarily, number one, in areas that they are not going to be kidnapped or killed,” Dominguez said when asked what alternatives to tax incentives the government will employ to lure more investors.
He also said that investors will come to developed places where people can easily access their services and products.
“They invest when there is infrastructure. They want to invest where people can reach their products and services more easily,” Dominguez said.
“Essentially that is what we are trying to do. The President has a very strong anti-crime and anti-terrorism effort to create an environment which is safe. And we are investing heavily in education. We are investing in our Build, Build, Build program,” he added.
Dominguez, however, pointed out that the government is not completely eliminating tax incentives for select industries.
The Department of Finance (DOF) has been pushing for the simplification of corporate tax income structure and modernizing the fiscal incentives program to benefit only select investors. (Editor: Gilbert S. Gaviola)
READ: DOF: Many tax incentives unnecessary