Encouraging legislative initiatives
Credit to Author: Tempo Desk| Date: Thu, 26 Sep 2019 17:00:36 +0000
THERE are many encouraging legislative initiatives in Congress that promise to generate substantive and meaningful development for our country.
Among them are the Corporate Income Tax and Incentives Rationalization Act (CITIRA) approved recently by the House, that could leave positive footprints in various sectors, and two education bills designed to raise Philippine basic education to world class level.
President Duterte has designated CITIRA (HB 4157), the second package of his Comprehensive Tax Reform Program. It seeks to rationalize incentives for ccrtain corporations and reduce over 10 years the corporate income tax from 30% t0 20% of some one million other companies, which are expected to reinvest 67% of their tax savings in new productive ventures or expand their operations.
CITIRA is expected to create 1.566 million jobs, and add 3.6 percent annually to the GDP growth from 2020 to 2030, while adding only 0.9% to inflation.
The Public Schools of the Future bill (HB 311) seeks to provide basic education students “instructions in digital classrooms complete with digital tools that will allow them to be at par with their world peers,” and provide them laptop computers and Internet access at appropriate grades levels to prepare them for the “disruptive technologies” of the ongoing Fourth Industrial Revolution, the digital revolution that involves the fusion of technologies which blur the lines separating the physical, digital, and biological spheres.
It is projected that by 2025, half of today’s activities could be digitally enabled, and 65% of current work skills will become obsolete shortly after, due to further intensified technological innovations.
The bill aims to prevent unemployment by equipping learners “the required skills to leverage and upgrade their earning ability.” It is projected that by 2025, half of today’s activities cou
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