Marcos underscores reforms in enticing global investors
SINGAPORE — One law that can be regarded by President Ferdinand Marcos Jr. as his legacy in creating a sound investment environment is the CREATE MORE Act Republic Act (RA) 12066, which was enacted into law in November 2024.
The measure substantially improves the country’s tax incentives and business rules, building on the earlier CREATE Act crafted to attract more local and foreign investments.
Government response
Meeting with Steve Forbes, editor-in-chief of Forbes Magazine during the Forbes CEO Global Conference 2026 here, the President said the CREATE MORE Act is his government’s response to the clamor of foreign investors to improve ease of doing business in the country, transforming — he said — “red tape to red carpet.”
“One of the most landmark laws that we passed as early as the first year is what we refer to as CREATE MORE, which is a package of tax restructuring and incentives, to be more competitive in the world market. We consider ourselves in healthy competition with our neighboring countries and, of course, the rest of the world. But to do that, we have to at least level the playing field,” he said.
Marcos said an integral part of the government’s push for ease of doing business is by digitizing government processes, veering away from the brick-and-mortar business applications and transactions.
“And a large part of that effort has been digitalization. That has really provided the answer for many of these systems that were previously done in the old way and the approach to try to get to the point where we can say we have made steps, we have made progress towards the paperless society, paperless business,” he said.
Removing foreign ownership cap
The President also told global captains of industry that his government has been responsive to potential investors’ stand on foreign business ownership. “In our discussions, foreign businessmen have said, you are asking us to make a major investment and to make a major commitment to the Philippine economy; if we do that, we need to be assured of stability. And part of that is that we can look forward to a long-term involvement, a long-term commitment,” he said.
“And that’s what we are trying to do. That’s why in terms of leases, we now allow 99-year leases. In terms of ownership of corporations in certain sectors that we are trying to encourage, especially in the tech sector, we have allowed many foreign companies to come in fully,” he added, citing Republic Act 7042, as amended by RA 8179, RA 11647 which allow foreigners to own up to 100 percent of export enterprises and domestic market enterprises, unless the activity is restricted or prohibited by the Philippine Constitution, special laws or the Foreign Investment Negative List.
Underscored the President, “Before, in the more traditional areas, there was a requirement that Filipino ownership comprise at least 60 percent. That still applies. But in areas that are growing and that we think will be important areas in the future, we have loosened that and allowed people to come in and to make those large commitments to the benefit of both the private sector partner and the government, the country and our economy,” he said.
Investment opportunities in digital technologies
The President presented investment opportunities in digital technology and artificial intelligence, advanced manufacturing, infrastructure, renewable energy, healthcare, and other high-value sectors, while emphasizing the government’s push for quality investments that create jobs, bring technology and expertise into the country, strengthen domestic capabilities, and help Philippine companies expand.
He gave emphasis on the country’s young and skilled workforce, growing consumer market, and strategic position in ASEAN, supported by ongoing infrastructure development, digitalization, economic reforms, and efforts to provide more reliable and sustainable energy.
The President expressed optimism that the interest shown by business leaders and investors would translate into concrete investments, partnerships, and employment opportunities for Filipinos.