00:00President Ferdinand R. Marcos Jr. passed the so-called CREATE MORE Act
00:05that will help the country become a prime investment destination
00:09and create more quality jobs for Filipinos.
00:14Here is what Claycel Pardilla wrote.
00:18While our economy is flourishing,
00:20it is expected to be even more flourishing for those who want to lead
00:25and create more jobs in the country.
00:28President Ferdinand R. Marcos Jr. passed the CREATE MORE Act
00:34or Corporate Recovery and Tax Incentives
00:37for Enterprises to Maximize Opportunities for Reinvigorating the Economy.
00:42This will target more foreign and domestic investors
00:48and make the Philippines a prime investment destination
00:51by improving incentives for the economy
00:56and increasing the level of support and protection for locals and foreigners.
00:59The CREATE MORE Act is a resounding testament
01:03of our commitment to make the Philippines
01:05the destination of choice for investment.
01:09CREATE MORE sets the stage for a business landscape
01:13that empowers our enterprises
01:15and enhances their growth prospects.
01:18By building on the reforms initiated through the CREATE Act,
01:23we have enhanced our tax regime
01:25incentive framework and making it more inviting for investment while remaining steadfast in the principles of fiscal prudence and stability.
01:36Under Republic Act No. 12066, tax incentive was extended for 27 years from the previous 117 years.
01:48The income tax rate was reduced by 20% or the income of registered business enterprises or businesses was reduced by 25%.
02:00It will also provide a 100% reduction in electricity costs to reduce manufacturing costs and a 50% reduction in tourism reinvestment and trade fair expenses.
02:14Simply put, it will not only get value-added tax refund claims and will speed up the response to problems related to export,
02:23it will also strengthen the flexible work arrangements within the economic zones that will not be affected by their incentives.
02:32To our investors and development partners, let this be our pledge.
02:36The Bagong Pilipinas continues to foster an economy where businesses and investments remain at the heart of our progressive development.
02:45We are promoting transparency and predictability.
02:49And in so doing, we create a more reliable process that instills confidence in investors and in partners alike.
02:58It is also being promoted to create more provisions in the existing law to be fairer to Filipino businessmen.
03:05We are also clarifying local taxation during the income tax holiday and enhanced deductions regime.
03:12This creates a fair and balanced system for local taxes, giving businesses greater certainty while ensuring that local communities also benefit from their presence.
03:23Because of this, more businesses are expected to open, which will give more jobs and opportunities to Filipinos.
03:34As we open new doors of opportunity, we drive businesses to reinvest their capital, build upon the workforce, and initiate a ripple effect that will be felt across generations.
