DTI woos French businesses

MANILA, Philippines — The Philippines is encouraging French firms to consider trade and investment opportunities in various sectors including aerospace, electronics, shipbuilding and healthcare in the country.

In a statement, the Department of Trade and Industry said Trade Secretary Ramon Lopez recently had a virtual courtesy call with newly appointed French Ambassador to the Philippines Michèle Boccoz and discussed potential trade and investment opportunities for French companies in the Philippines.

During the meeting, the parties discussed exploring possible trade and investment deals in aerospace, electronics, shipbuilding, clean energy, agribusiness, and healthcare.

The DTI said cooperation between the two countries on these areas would be discussed further during the 9th Philippines-France Joint Economic Commission latter this quarter.

In the same meeting, Lopez said the DTI continues to promote the Philippines as an ideal business destination despite the ongoing pandemic.

Meanwhile, Boccoz welcomed the recent signing into law of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, as this would make the Philippines more attractive to French companies.

Under CREATE, the corporate income tax (CIT) rate would be reduced to 25 percent for large firms and to 20 percent to small and medium enterprises from the current 30 percent.

CREATE would also provide a clearer set of incentives such as four to seven years of income tax holidays followed by 10 years of special CIT or enhanced deductions for exporters, or five years enhanced deductions for domestic market enterprises.