It has become a war. And inevitably there are casualties.
For this one, the fatalities are at the frontline of our country’s battle for investments and the economy – the investors. This war is something that they themselves have been avoiding but were drawn into it to their consternation.
The IRR and subsequent BIR issuances broke what could have been the peace and tranquility that CREATE Act must have been bringing by now. They are like grenades that are thrown in bunkers and trenches in our country’s economic zones where locators thought they were safe from the blasts.
The listed companies are but some of the casualties in Clark where the main foe is IRR of the CREATE Act and related BIR Revenue Regulations.
We may also add in the list Foxtrot Company – CDC itself is a victim to friendly fire from BIR as it is no longer exempt from paying VAT. It now has to pay extra for goods and services. That would definitely affect its finances. We can only hope that won’t impact on cost of doing business in Clark through pass on charges.
President Ferdinand R. Marcos, Jr. has been leading the battle to capture much needed investments as he commendably sells the Philippines as a safe, modern, and a strategic place for business and tourism. We see top executives of prime companies of countries he visits listen intently to his pitches.
Like a full-fledged general, he effectively leads the country in the battle for economic greatness. But there seems to be some orders that his deputies and lieutenants in the chain of command who fail to follow directives. The imposition of oppressive measures on investments, despite the orders, has led to setbacks. Incongruency is causing the Philippines its victory.
Like in real battle lines, conflicting orders lead to weariness on the part of investors and locators. Add to these are local traders that are also waylaid by stray bullets. The local supply chain is another victim as investors are now forced to source materials from abroad.
We need not remind ourselves of how real wars are lost when communication breaks down, when officers get rouge, when underlings think that they are better than their officers, when orders are not followed.
This is already taking place as DOF and BIR have been told to stop usurping congressional powers or for them to rectify mistakes (read: suspend implementation). The commands have been coming from Rep. Gloria Macapagal-Arroyo, Rep. Salceda, Sen. Aquilino Pimentel, Sen. Risa Hontiveros, Sen. Imee Marcos and many more. Battle-tested in the many wars they themselves have fought and won. Unfortunately, they are left unheard and unheeded.
Just the like the real war, let us not wait when the Philippines has lost more opportunities and investors at the frontlines of economy. Let us not wait for the country to become a tailender in progress. – The Horizon (See story on this link https://iorbitnews.com/create-act-irr-bir-issuances-affect-investments-clark-investors-leaving/ )