THE proposed rationalization of tax incentives under House Bill 4157, or the Corporate Income Tax and Incentives Rationalization Act (Citira), would result in the loss of 700,000 jobs in its first year of implementation, the Joint Foreign Chambers (JFC) of the Philippines warned on Tuesday.

In a presentation of estimates to the Senate, JFC representative John Forbes said Citira would destroy “a highly successful incentives system that foreign investors benefit [from].”