Marcos touts CREATE MORE as key investment legacy

SINGAPORE — President Ferdinand Marcos Jr. touted the CREATE MORE Act as one of his administration’s key economic reforms, saying it helped make the Philippines more competitive and attractive to investors.

Speaking with Forbes Media Chairman and Editor-in-Chief Steve Forbes at the 24th Forbes Global CEO Conference, Marcos said Republic Act 12066 responded to investor calls for better incentives and easier business processes.

“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,” Marcos said.

CREATE MORE, signed in November 2024, expanded and refined the tax incentives introduced under the earlier CREATE Act.

Marcos said the government has also pushed digitalization to cut red tape and move more transactions away from paper-based systems.

“That has really provided the answer for many of these systems that were usually previously done in the old way,” he said, citing efforts toward paperless government and business processes.

The President also highlighted reforms aimed at giving foreign investors greater certainty and flexibility.

Marcos cited longer land leases of up to 99 years and the easing of foreign ownership restrictions in selected sectors, particularly industries the government wants to attract.

“If you are asking us to make a major investment and to make a major commitment to the Philippine economy, we need to have an assurance of stability,” he said.

Marcos said foreign companies may now fully own businesses in some sectors where restrictions have been relaxed, while constitutional and statutory ownership limits remain in place in restricted industries.

The President presented opportunities in digital technology and artificial intelligence, advanced manufacturing, infrastructure, renewable energy and healthcare.

He said the government is seeking investments that generate jobs, bring technology and expertise into the country, strengthen domestic industries and help Philippine companies expand.

Marcos also highlighted the country’s young workforce, growing consumer market and strategic position in Southeast Asia.

He expressed hope that interest shown by executives attending the conference would translate into investments, partnerships and jobs for Filipinos.