BIZ BUZZ: Samsung bets big on the Philippines
President Marcos promised that the recently signed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act would make the Philippines a “destination of choice” for investments.
And the law is indeed starting to deliver the promised results.
Biz Buzz sources said Samsung Electromechanics Philippines Corp. was finalizing plans to invest some $1 billion in an export processing zone facility, where it would manufacture and then export multilayer ceramic capacitors that are commonly used in power supplies and voltage regulators.
As Create More was anchored on improving ease of doing business, increasing the competitiveness of tax incentives, strengthening governance and accountability and clarifying value-added tax rules and transitory provision for pre-Create Registered Business Enterprises, it stands to reason that Samsung will soon be followed by other top names who will likewise bet big on the Philippines.
