PCO: Marcos stays focused despite trust rating drop, blames fake news

President Ferdinand R. Marcos Jr. signs the CREATE MORE Act into law on Monday, November 11, 2024 at the Malacanang Palace. This law is aiming to position the Philippines as a top investment destination and drive investments-led economic growth. The new law amends the National Internal Revenue Code of 1997 and enhances the country’s fiscal incentives framework. It 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. The law also introduces reforms like 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, such as high-quality jobs. He affirmed the government’s commitment to ensuring that economic growth benefits all citizens. PHOTOS BY YUMMIE DINGDING / PPA POOL
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