Czechia urged to invest more in PH

MANILA, PHILIPPINES — The Philippine Chamber of Commerce and Industry (PCCI) is encouraging businesses from the Czech Republic to look into more opportunities in the country.

At the Czech Industry Forum in Makati City, PCCI president George Barcelon highlighted the policy reforms implemented by the governments to improve the investment climate in the country.

“New measures to draw investments in our country include the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, which has lowered the country’s corporate income tax to a level on par with our neighboring countries,” he said.

Other legislations that aim to improve the business environment in the country include the amendments to the Foreign Investment Act, Public Service Act, and the Retail Trade Liberalization Act.

Barcelon also urged the Czech Republic to expand its trade relationship with the Philippines to various sectors, including agriculture, manufacturing, transportation, construction, mining, and renewable energy.

Barcelon said these sectors would help the two countries continue to emerge from the adverse impacts of the COVID-19 pandemic.

“By leveraging our respective strengths, I am certain that we can create a more mutually beneficial partnership but promotes innovation, investment, and job creation,” Barcelon added.

In 2021, bilateral trade between the Philippines and the Czech Republic stood at US$700 million.