Industry groups warn of exit of investors

Industry associations on Tuesday warned of "exodus of investors" if the government continues to implement a revenue regulation that imposes 12-percent value added tax on constructive export transactions.

In a briefing, the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi), Coalition of Philippine Manufacturers of PPE (Conwep), Pilipino Banana Growers and Exporters Association, Inc. (PBGEA), IT and Business Process Association of the Philippines (IBPAP), and the Philippine Ecozones Association (Philea) called for the suspension of implementation of Bureau of Internal Revenue (BIR) Revenue Regulation (RR) 9-2021, which imposed a 12-percent VAT on the transactions of exporters that were previously VAT zero-rated.