The newly- signed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act would make the Philippines as a “destination of choice for investments,” President Ferdinand R. Marcos Jr. said on Monday.
In his speech, President Marcos reaffirmed his commitment to creating a more inclusive and empowered business environment, envisioning a globally competitive and investment-led Philippine economy.
“The signing of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy—a bit of a mouthful, so we’ll just refer to it as the CREATE MORE Act— is a resounding testament of our commitment to make the Philippines the destination of choice for investments,” President Marcos said.
The CREATE MORE Act amends the 1997 National Internal Revenue Code (NIRC) and improves the nation’s fiscal incentives policies.
The law is guided by five overarching objectives: improving ease of doing business, increasing the competitiveness of tax incentives, strengthening governance and accountability, and clarifying value-added tax rules and transitory for pre-CREATE Registered Business Enterprises (RBEs).
It also addresses local taxation during the Income Tax Holiday and Enhanced Deductions Regime, clarifying areas previously unaddressed by the CREATE Act. This aims to create a fair and balanced local tax system, giving businesses “greater certainty” while ensuring that local communities benefit from their presence.
The new law establishes a more efficient approval process by raising the investment capital threshold for Investment Promotion Agencies from PhP1 billion to PhP15 billion, allowing only projects exceeding this amount to be reviewed by the Fiscal Incentives Review Board, he said.
The law seeks to attract both domestic and global investments, particularly in strategic industries that will shape the country’s future, he added.
He said CREATE MORE also reflects invaluable insights shared by international partners during his meetings with global stakeholders.
“Their feedback has enriched this legislation, a reflection of our resolve to foster a climate where businesses will flourish and continue to meaningfully contribute to the Philippine economy,” he said.
During the signing event in Malacañang, the President highlighted the country’s potential as a vibrant force in the region, noting that the gross domestic product (GDP) grew at an average of 5.8 percent in the first three quarters of 2024. | PND
