German-Philippine Chamber applauds signing of CREATE MORE Act

The German-Philippine Chamber of Commerce and Industry Inc. (GPCCI) has expressed support for the recently signed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, or Republic Act No. 12066. GPCCI views this law as a significant step toward strengthening the business environment and driving economic growth through strategic tax reforms.

“We share the goal of creating a more favorable business landscape to foster growth and job opportunities,” says GPCCI President Ms. Marie Antoniette Mariano. “The German business community in the Philippines recognizes its potential, as demonstrated by our recent World Business Outlook survey, which reflects strong optimism in the Philippine market.”

The CREATE MORE Act introduces reforms such as extended tax incentives of up to 27 years, simplified VAT and tax refund processes, and reduced compliance burdens.

The law also simplifies local taxation for registered business enterprises, clarifies the Income Tax Holiday framework, and provides an Enhanced Deductions Regime with 100% additional deductions on power expenses, benefiting the manufacturing sector. Additionally, it allows tax-free donations of capital equipment to government and educational institutions, enhancing support for public and social services.

GPCCI, representing German businesses in the Philippines, emphasized that these reforms align with the positive outlook of nearly 60% of German companies surveyed, who project growth in the Philippine market. As the official German Chamber of Commerce Abroad in the Philippines, GPCCI continues to support bilateral trade and investment opportunities.