With the government’s fiscal stimulus package for business now in place, particularly the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the Philippine economy is ready to return to the growth path. This was the rosy forecast Atty. Paola Sherina A. Alvarez, assistant secretary and spokesperson of the Department of Finance (DOF), told the attendees to the third Virtual General Membership Meeting (VGMM) of the Association of Carriers and Equipment Lessors (ACEL).
Focusing on the topic the “Rebound Program of the Department of Finance,” Alvarez was the guest speaker for this event that was held on September 15, 2021. Conducted online via the Zoom platform and hosted by Abigail S. Mancilla, the Association’s treasurer, the meeting was attended by 78 ACEL members and guests.
The DOF, Alvarez explained, has drawn up a three-part strategy for meeting its growth and job targets. This calls for the acceleration of the country’s COVID-19 vaccination program, the safe reopening of the economy with strict adherence to health protocols, and the full implementation of the government’s recovery package. The centerpiece of this recovery package, she noted, is CREATE which was signed into law last April.
Calling it the largest fiscal stimulus for business in the Philippines’ recent history by providing a trillion pesos worth of corporate tax cuts over the next 10 years, CREATE, according to Alvarez, provides much-needed relief for micro, small and medium enterprises (MSMEs), ends investor uncertainty, and strongly projects that the Philippines is “back in the game.” “But to achieve a solid recovery, we need to ensure that fiscal responsibility is constantly observed,” she pointed out.
The meeting was also highlighted by pre-recorded product presentations from two ACEL sponsors for 2021: FAEquip Corporation and Civic Merchandising Inc. This year’s other sponsors were also warmly thanked by Nicole Warren, ACEL director and chairwoman of the committee on fellowship. They were Inframachineries Corporation, JAP Construction and Development Corporation, Olympic Engineering and Sales Corporation, RMD Kwikform Philippines Inc., Trelleborg Marine and Infrastructure, C.M. Pancho Construction Inc., Equiprime Optimum Solutions Inc., and Megawide Construction Corporation. The meeting, however, was not all about business. Like all ACEL events, it also had a fun and games part. A trivia game based on the latest version of the ACEL Equipment Guidebook generated plenty of excitement. And, as usual, the meeting ended with a raffle draw where two JBL wireless Bluetooth speakers, a microphone condenser, two JBL Quantum 100 wired gaming headsets, a Samsung HW-T420/XP soundbar, and a TCL 40-inch Android television set were raffled off.