Amid the pandemic, the government continued to pursue game-changing reforms that help make the Philippines a preferred investment destination. For instance, it pursued the passage of the Corporate Recovery and Tax Incentives for Enterprises or CREATE, which cut corporate income taxes to make it more competitive with our ASEAN neighbors and rationalized the fiscal incentives system.
The creditor positions of Germany, Japan, China and major oil producers strengthened while the United States, Spain, France, Italy and the United Kingdom  2  2  OECD Economic Outlook, Volume 2011/1  BIS central bankers’ speeches  became more indebted.