THE proposed Investment and Incentives Code, which was originally introduced in the 15th Congress, is now pending before the 17th Congress. Also known as House Bill 4547, the proposed measure was filed on Nov. 29, 2016, and it has remained unacted upon at the House of Representative’s committee on trade and industry since last Dec. 7.

A substitute bill approved by the committee on ways and means, it was approved subsequently on 2nd and 3rd readings, and was transmitted to the Senate, where it was not acted upon, according to Rep. Maximo Rodriguez, Jr., the bill’s principal author. In the bill’s explanatory note, he said, HB 4547 “seeks to streamline the tax breaks for businesses, in order to maximize the use of available funds, and not to abuse the incentives given by the government by stopping the practice of having perpetual perks for several industries.”

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