Sen. Pia Cayetano
(Alexis Nueva España/Senate PRIB)
Senator Pia S. Cayetano, principal author of the CREATE bill, absolved the Senate from the blame.
She stated that a delay by the House of Representatives to name its chairman and members of its bicameral conference committee to meet with their Senate counterpart to iron out the differing provisions of their versions of the CREATE bill caused the problem.
So on the New Year, business sector would not enjoy the proposed incentives and a reduction of their corporate tax from 30 percent to 25 percent, Cayetano told her colleagues as they prepared to go on a five-week Christmas recess starting Thursday.