Marcos signs CREATE MORE Act into Law to boost Phl as an investment destination

President Ferdinand R. Marcos Jr. signed the CREATE MORE Act into law on Monday, 11 November 2024, at Malacañang Palace. The act aims to position the Philippines as a top investment destination and drive investment-led economic growth. The new law amends the National Internal Revenue Code of 1997 and enhances the country’s fiscal incentives framework. It also extends the maximum duration of tax incentives for strategic investments from 17 to 27 years and reduces the corporate income tax rate for registered business enterprises to 20 percent. Additionally, the law introduces reforms such as streamlined VAT refund processes, simplified local taxation, and improved incentives-related procedures to address investor concerns. Additionally, it institutionalizes flexible work arrangements for businesses in economic zones while preserving tax benefits. President Marcos emphasized that CREATE MORE not only opens doors for investors but also creates better economic opportunities for Filipinos, including high-quality jobs. He affirmed the government’s commitment to ensuring economic growth benefits all citizens.