AdvocatesTV • June 5, 2020
Salceda pushes CREATE Act to provide economic stimulus
Photo Credit: Joey Salceda Facebook Profile
House Committee on Ways and Means chairman and Albay Representative Joey Salceda warned of “potentially deep troubles ahead” if the government will fail to pass the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
The CREATE Act will cut the country’s corporate income tax (CIT) rate from 30 percent to 25 percent. Salceda also said the measure will create 1.1 million jobs over the next 5 years.
He said the measure can help over 5 million workers in the services sector who became unemployed because of the enhanced community quarantine (ECQ) imposed in March.
He added that an increase in the number of unemployed can be expected in the coming months.
The lawmaker also said the House is willing to adopt the Senate version of the CREATE Act as long as it is fiscally sound.
Salceda further added that some 400,000 unemployed overseas Filipino workers (OFWs) can benefit from the govenment's Build, Build, Build program.
“Many of them can easily be hired as skilled workers in the construction sector, so an enhanced Build, Build, Build (program) will really be crucial to giving them employment. But you also need to create strong aggregate demand in general, as most of these workers will opt to be small entrepreneurs in the meantime,” Salceda said.
