Asia Pacific Medical Center (APMC) at Brgy. Ungka, Jaro, Iloilo City achieved another milestone after it was officially registered as a Domestic Market Enterprise with the Bureau of Investments, an attached agency of the Department of Trade and Industry.
The BOI issued APMC’s Certificate of Registration No. 2023-065 on April 14, 2023 by virtue of BOI Board Resolution No. 28-10 series of 2022 and Fiscal Incentives Review Board Resolution No. 006-23.
Dr. Ceferino S. Rodolfo, DTI Undersecretary and BOI Managing Head, signed the certificate.
Under Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) law of 2021, domestic market enterprises can avail of the new tax incentives as long as they are registered business enterprises with an Investment Promotions Agency (IPA) such as the Board of Investment (BOI) and the Philippine Economic Zone Authority (PEZA).
CREATE Law is the largest fiscal stimulus for Philippine businesses. Micro, Small, and Medium Enterprises are the biggest beneficiaries of CREATE through the grant of the largest ever corporate income tax rate reduction in the country, from 30 percent to 20 percent. Large corporations also enjoy an immediate reduction in the corporate income tax rate from 30 to 25 percent.
CREATE also provides other forms of tax relief which are part of a package of economic recovery measures implemented by the government to address the varying needs and concerns of the business sector brought about by the ongoing COVID-19 pandemic.
The BOI registration entitles APMC to the following incentives:
-income tax holiday for 6 years;
-enhanced deductions for 5 years; and
-duty exemption for 11 years.
APMC-Iloilo is the most advanced hospital that will serve Ilonggos and features state-of-the-art medical equipment and services that will bolster the region’s health services.
