Finance Secretary Carlos Dominguez 3rd on Monday highlighted the importance of digitalization and innovation for businesses to remain competitive as the economy recovers from the pandemic. "As our country recovers from the pandemic and industries get back on their feet, businesses will require heftier investments in innovation and technology in order to stay competitive," Dominguez said.
The Finance chief added that technological innovations would also build new industries and create more employment and investment opportunities, which would ensure the long-term recovery of the economy.
Dominguez also cited the recently approved Corporate Recovery and Tax Incentives for Enterprises Law or Create Law, which he said would strengthen the culture of innovation and research and development in the country as it also offers incentives like 100-percent reduction on research and development (R&D) expenses. The Create Law reduced corporate income tax from 30 percent to 20 percent for micro, small and medium enterprises, and to 25 percent for all other businesses.
The newly inaugurated Advanced Manufacturing Center (AMCen) of the DoST would help transition the country's manufacturing sector to the Fourth Industrial Revolution. AMCen aims to be the technological hub and research center for additive manufacturing in the Philippines. It also houses the country's first 3D printing R&D institution.
Source: The Manila Times 15 June 2021