Biz groups back insertion of grandfather rule in Create bill

Business groups on Monday expressed support to Senate President Pro Tempore Ralph Recto's proposal that export firms would continue to use their current incentives under the Corporate Recovery and Tax Incentives for Enterprises (Create) bill.

In a joint statement, the business groups said that "export firms preferred the status quo to continue the tax provisions they had been promised over the years to attract them to locate in the Philippines."