National Economic Development Authority XI Regional Director Maria Lourdes Lim announced in the One Davao Virtual Presser recently that recent economic reforms will encourage investments to come in.
Lim cited the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law which is expected to generate more investments given its provision for lower corporate income tax rate.
“The law aims to modernize the country’s investment incentives, making them more competitive and transparent, time-bound, targeted, and performance-based,” Lim said.
The official also mentioned the amendments to the Retail Trade Liberalization Act, Foreign Investment Act, and the Public Service Act which will also help more investments, generate employment, introduce innovation, lower process, and improve the quality of goods and services.
The NEDA official elaborated on government programs implemented to help micro, small, and medium enterprises recover from the effects of the pandemic.
The Department of Trade and Industry (DTI) intensified the provision of financial assistance under its Pondo sa Pagbabago at Pag-Asenso COVID19 Assistance to Restart Enterprises or the P3 CARES Program.
The agency reported that there was a 335 percent increase on the amount of loans approved in 2021 or a total of P298.1 million compared to the P68.52 million approved in 2020.
Lim also bannered Davao Region’s continued promotion of the enterprise-based innovation to produce more resilient and responsive entrepreneurs.
“ his is under the Science, Technology, and Risk-resilient based Initiatives toward Knowledge Economy Davao Regional Inclusive Innovation Center or the iSTRIKE Davao RIIC,” she said.
It is a collaborative network of public and private sector organizations which aims to foster a culture of innovation among MSMEs in the region.
“ We affirm that innovation will be crucial to long term economic growth and regional development, and this is actually a priority under the Regional Development Plan,” Lim highlighted.
The iSTRIKE Davao offers a menu of services which includes a web-based Information center for the innovation ecosystem in Davao Region, and the provision of technical assistance to struggling MSMEs during the pandemic. (PIA XI/Frances Mae Macapagat)
