We are also among the early investors in the Bank of International Settlements’ Green Bond Fund and the Asian Green Bond Fund. The Philippine government did not let this unprecedented crisis go to waste. It did not sit idly by and wait for the coronavirus to subside. Instead, it continued to pursue game-changing reforms that help make the Philippines a preferred investment destination.
The government sustained the reform momentum in consonance with its pandemic response. For instance, it pursued the passage of the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act, which cut corporate income tax to make it competitive with our ASEAN neighbors and we rationalized the fiscal incentives system.