The Department of Finance on Thursday urged over 100 Singaporean investors to expand businesses in the Philippines as the government finalizes the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill.

Finance Secretary Ralph Recto said the CREATE More bill is expected to be passed into law within this year so the country can draw more foreign investments.

During the 4th Philippine-Singapore Business and Investment Summit in Singapore on Thursday, Recto boasted of the bill’s various tax incentives for registered business enterprises (RBEs).

RBEs are individual, partnership, corporation, or other entity organized and existing under Philippine laws and registered with an investment promotion agency.

More corporate tax cuts

Under the CREATE More, RBEs will pay lower corporate income taxes at 20 percent from 25 percent.

At the same time, the duration of tax incentives will be extended by 10 more years for a total maximum of 27 years. Projects that require huge labor will be given additional 10 years.

RBEs in the manufacturing sector will also have 100 percent deduction on power expenses.

Meanwhile, the tourism sector will be given an additional 50 percent deduction for reinvestment allowances on priority tourism projects or activities.

“As we aggressively enhance our logistics backbone and human capital through productivity-boosting investments, Singapore’s role has never been more crucial. We need more of Singapore’s cutting-edge expertise and technology for our 186 flagship infrastructure projects,” Recto said.

He said the government aims to boost clean energy, critical minerals, retail, digital technologies, food production, financial services and pharmaceuticals.

“We are cultivating a new generation of research scientists, engineers and innovators who will power up your forward-looking enterprises,” Recto said.