Firms retaining workers may receive tax holidays

MANILA, Philippines – Tax perks to save and generate jobs on top of luring companies to spend will be considered by the government for the annual Investment Promotion Plan (IPP).

Under a portion of the proposed list of incentives-eligible ventures, troubled firms regardless of industry may enjoy tax perks if they retain workers or provide retraining, Board of Investments (BoI) Managing Head Elmer C. Hernandez told reporters late last week.

The proposal drew mixed reactions from business groups and an economist. Some lauded the effort to address rising layoffs while others worried about the monitoring needed and the impact of tax perks on government revenues.

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