MANILA – Electronics manufacturers will seek a meeting with the new set of legislators that will be elected in May to discuss the second tranche of tax reforms that is aimed at corporate incentives, the head of an industry group said Monday.
Uncertainty over corporate incentives resulted in companies directing an estimated $1 billion in investments to other countries instead of the Philippines, said Semiconductor and Electronics Industries in the Philippines president Dan Lachica.
“We’re hoping we can review this and look at what makes sense, what will be good for the country and employment,” Lachica told ANC’s “Early Edition.”
The second tranche of tax reforms failed to pass Congress last year. The first round, which raised duties on fuel and sugar sweetened drinks and slashed personal income tax rates, took effect on Jan. 1, 2018.
The trade war between China and the US will have an “impact” on electronics manufacturing if it escalates, Lachica said. (ABS-CBN News)
