Jobs to resume after herd immunity, economic reforms — DOF
Jobs that were lost due to the COVID-19 pandemic have the potential to open again following herd immunity and the implementation of economic reforms in the Philippines, according to the Department of Finance (DOF).
In an economic bulletin, DOF Chief Economist Gil Beltran said that the mass administration of vaccines “will help the country live with the virus” and go back to normal.
The economist added that the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and the amendments made in retail trade, foreign investments and public laws “will help bring in more employers and generate more employment” in the country.
President Rodrigo Duterte’s economic managers explained that foreigners’ bigger participation in local industries would further promote domestic competition and generate more jobs for local Filipinos.
Department of Finance (DOF) Secretary Carlos Dominguez III said that the amendment of the Retail Trade Liberalization Act lowered the minimum paid-up capital requirement for foreign corporations from $2.5 million to about $500,000.
Additionally, foreign retailers that want to open more than one physical store can now have a lower minimum investment of $200,000 per store instead of the previous $830,000 per store.
