On Nov. 26, 2020, the Senate approved on third and final reading Senate Bill 1357, otherwise known as the Corporate Recovery and Tax Incentives for Enterprises (Create) bill, which seeks to reduce the corporate income tax rate and rationalize the current fiscal incentives by making them time-bound, targeted and performance-based. This was done in an attempt to revitalize the slowing economy, as it is predicted that the measure will bring in more foreign investments like never before.
The House of Representatives, which already passed their counterpart measure in September 2019, informed the Senate on Dec. 15, 2020 that the former have designated members for the Bicameral Conference Committee. This means that a bicameral conference will be held to reconcile disagreeing provisions on the two versions of the bill.
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