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State of Creative, Tech Industries

Government and private sector participants gathered in the recent TID Talks 2018 at Makati Diamond Residences last week. Topics include the latest on TRAIN2/TRABAHO Bill.

 

TID Talks 2018 Tackle State
of PH Creative, IT Industries

 

MANILA, 1 October 2018 — Information technology and business leaders have gathered in the recent Trade and Industry Development (TID) Talks 2018 in Makati.

The latest TID Talks on September 27 focused on the Philippine IT and business process management and creative industries.

Specifically, it tackled the present state and challenges for industries in the creative economy, the contact center and business outsourcing, animation/game and software development, health information management, and global in-house centers.

TRAIN2 to TRABAHO

Moreover, they discussed recent developments in the substitute House bill for the Tax Reform for Acceleration and Inclusion (TRAIN) Package 2.

Recently, the Lower House passed the Tax Reform for Attracting Better and High-quality Opportunities or TRABAHO Bill.

Among the TID Talks 2018 guests were officials from the Departments of Finance (DOF), Information and Communications Technology (DICT), Trade and Industry (DTI) and the Board of Investments (BOI).

Also participating were officials from the IT & Business Process Association of the Phils. (IBPAP), the Creative Economy Council of the Phils. (CECP), and Santos Knight Frank.

Senior leaders from TeleDevelopment Services including Ofelia Orcales, Eden Caguiat, and Nette Roselo were also invited.

BILL BACKGROUNDER

While TRAIN Package 1 increased workers’ take-home pay by reducing personal income taxes, TRABAHO aims to incentivize national corporate investments.

In particular, the proposed bill amends portions of the National Internal Revenue Code of 1997. Chiefly, the main goal is to match the relatively high Philippine corporate income tax (CIT) rate with other Southeast Asian countries.

Earlier, the DoF said the Philippines’ current CIT at 30% is above the standard 20% rate in Thailand and Vietnam.

Meanwhile, the DoF said TRABAHO also aims to ensure that schools provide students with quality education. It said the Commission on Higher Education and Department of Education will determine and evaluate a set of performance criteria.

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