Photo credit: PCO

President Ferdinand R. Marcos Jr. recently signed into law the CREATE MORE Act (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy), a new initiative aimed at generating jobs and revitalizing the economy by creating a more welcoming environment for businesses and investors.

“CREATE MORE sets the stage for a business landscape that empowers our enterprises and enhances their growth prospects,” Marcos said during the signing ceremony at Malacañang. By expanding upon the reforms laid out in the original CREATE Act, this new law brings a more comprehensive tax regime and incentive framework designed to attract both local and international investments. “We’re making it more inviting for investment while remaining steadfast in the principles of fiscal prudence and stability,” he added.

The CREATE MORE Act clarifies and extends tax incentives, ensuring that non-registered exporters and high-value domestic market enterprises can benefit as well. By refining the VAT and duty incentives, the government aims to reduce the complexity of tax compliance for businesses, providing a more predictable and transparent system that’s easier for enterprises to navigate.

One of the key changes under the CREATE MORE Act is the higher investment capital threshold for project approvals. Investment Promotion Agencies will now only need approval from the Fiscal Incentives Review Board for projects exceeding PhP15 billion, up from PhP1 billion previously. This streamlines the process for many businesses, reducing red tape and making it easier for projects to get started.

President Marcos emphasized that the act also reflects input from global partners gathered on his international trips. He noted that this feedback played a vital role in shaping the legislation, adding, “CREATE MORE is a symbol of the invaluable insights from our international partners.”

The law also brings significant relief in the form of tax and duty exemptions for donations of capital equipment, raw materials, and other essentials to government institutions, including GOCCs, TESDA, DepEd, and state universities. By supporting essential educational and skill development organizations, CREATE MORE encourages both business growth and workforce preparedness.

In sum, CREATE MORE represents a government commitment to foster a thriving business environment in the Philippines. "This act reaffirms our commitment to work hand-in-hand with enterprises," Marcos said. "Together, we can create a future where investments will grow and prosper, paving the way for more jobs, more growth, and a stronger economy for all Filipinos."