The Philippine economic team has scheduled a series of roadshows abroad to attract foreign investors and promote the recently signed implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act. The law aims to provide additional incentives for both local and foreign investors.

Trade Secretary Cristina Roque and Finance Secretary Ralph Recto, who also chairs the Fiscal Incentives Review Board (FIRB), officially signed the IRR at the Department of Finance office in Manila on Monday.

During an ambush interview with media, the Special Assistant to the President for Investment and Economic Affairs, Secretary Frederick Go, announced that South Korea would be the first stop of the roadshow in March, followed by the United States in April, then Japan, Europe, the Middle East, and China.

“What’s next is the roadshows, it is useless to have a law and an IRR that nobody knows about. The IRR stayed true to the intent of the CREATE More Law. The economic team is working together. So, the next step is to announce it to the world,” Go told reporters.

He emphasized that the law's primary goal is to attract investments and generate jobs for Filipinos.

“So, now our responsibility is to let investors know about CREATE More, how it will benefit them, and how it will improve the ease of doing business. Investors need to know how the enhanced reduction regime will make them pay only low taxes. I think these investors will (really) look at how they will invest in the Philippines,” he said.

Enacted on 8 November 2024, the CREATE MORE Act seeks to position the Philippines as an attractive business destination by making its tax incentives more competitive, investment-friendly, predictable, and accountable.

The IRR clarifies and refines the law’s provisions to ensure its smooth implementation. This includes providing clear guidelines on the transitory rules for pre-CREATE registered business enterprises (RBEs) so they can continue enjoying their previously granted tax incentives. Meanwhile, RBEs under the CREATE Act may avail themselves of additional incentives or measures under the CREATE MORE Act.

The IRR also addresses investor concerns regarding the issuance of the value-added tax (VAT) zero-rating certificate by outlining eligibility and compliance criteria and clarifying the certificate’s covered period.

Beyond enhancing incentives, the CREATE MORE IRR upholds fiscal prudence in the administration of tax incentives. The FIRB is responsible for conducting impact evaluations to guide the President in determining whether the benefits of fiscal and non-fiscal incentives for highly desirable projects outweigh their costs.

Additionally, the IRR prohibits double registration of projects to prevent redundant incentives and ensure responsible fiscal management.