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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 \u201cdestination of choice for investments,\u201d President Ferdinand R. Marcos Jr. said on Monday.<\/strong><\/p>\n <\/p>\n <\/p>\n 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.<\/strong><\/p>\n <\/p>\n <\/p>\n \u201cThe signing of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy\u2014a bit of a mouthful, so we\u2019ll just refer to it as the CREATE MORE Act\u2014 is a resounding testament of our commitment to make the Philippines the destination of choice for investments,\u201d President Marcos said.<\/strong><\/p>\n <\/p>\n <\/p>\n The CREATE MORE Act amends the 1997 National Internal Revenue Code (NIRC) and improves the nation\u2019s fiscal incentives policies.<\/strong><\/p>\n <\/p>\n <\/p>\n 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).<\/strong><\/p>\n <\/p>\n <\/p>\n It also addresses local taxation during the Income Tax Holiday and Enhanced Deductions Regime, clarifying areas previously unaddressed by the CREATE Act.<\/strong><\/p>\n <\/p>\n <\/p>\n This aims to create a fair and balanced local tax system, giving businesses \u201cgreater certainty\u201d while ensuring that local communities benefit from their presence.<\/strong><\/p>\n <\/p>\n <\/p>\n The new law establishes a more efficient approval process by raising the investment capital threshold for Investment Promotion Agencies from P1 billion to P15 billion, allowing only projects exceeding this amount to be reviewed by the Fiscal Incentives Review Board, he said.<\/strong><\/p>\n <\/p>\n <\/p>\n The law seeks to attract both domestic and global investments, particularly in strategic industries that will shape the country\u2019s future, he added.<\/strong><\/p>\n <\/p>\n <\/p>\n He said CREATE MORE also reflects invaluable insights shared by international partners during his meetings with global stakeholders.<\/strong><\/p>\n <\/p>\n <\/p>\n \u201cTheir 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,\u201d he said.<\/strong><\/p>\n <\/p>\n <\/p>\n During the signing event in Malaca\u00f1ang, the President highlighted the country\u2019s 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.<\/strong><\/p>\n <\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" 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<\/p>\n","protected":false},"author":1,"featured_media":9952,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"https:\/\/journaldailynewsonline.com.ph\/index.php\/wp-json\/wp\/v2\/posts\/9951"}],"collection":[{"href":"https:\/\/journaldailynewsonline.com.ph\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/journaldailynewsonline.com.ph\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/journaldailynewsonline.com.ph\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/journaldailynewsonline.com.ph\/index.php\/wp-json\/wp\/v2\/comments?post=9951"}],"version-history":[{"count":1,"href":"https:\/\/journaldailynewsonline.com.ph\/index.php\/wp-json\/wp\/v2\/posts\/9951\/revisions"}],"predecessor-version":[{"id":9953,"href":"https:\/\/journaldailynewsonline.com.ph\/index.php\/wp-json\/wp\/v2\/posts\/9951\/revisions\/9953"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/journaldailynewsonline.com.ph\/index.php\/wp-json\/wp\/v2\/media\/9952"}],"wp:attachment":[{"href":"https:\/\/journaldailynewsonline.com.ph\/index.php\/wp-json\/wp\/v2\/media?parent=9951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/journaldailynewsonline.com.ph\/index.php\/wp-json\/wp\/v2\/categories?post=9951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/journaldailynewsonline.com.ph\/index.php\/wp-json\/wp\/v2\/tags?post=9951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}