By Liezelle Soriano
MANILA — On Monday (11 Nov 2024), President Ferdinand “Bongbong” Marcos Jr. signed into law the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, which aims to generate jobs for Filipinos.
During the signing ceremony, Marcos stated that the new law paves the way for a business environment that empowers enterprises and enhances growth prospects.
“By building on the reforms initiated through the CREATE Act, we have improved our tax regime and incentive framework, making it more attractive for investment—while staying true to the principles of fiscal prudence and stability,” he said.
Marcos added that the CREATE MORE Act would attract both domestic and global investments, focusing on strategic industries that will shape the nation’s future.
“CREATE MORE clarifies the rules for VAT and duty incentives and extends its coverage to include non-registered exporters and high-value domestic market enterprises,” the President noted.
The new law also provides tax or duty exemptions on donations of capital equipment, raw materials, spare parts, and accessories to the government, government-owned and -controlled corporations (GOCCs), the Technical Education and Skills Development Authority (TESDA), state universities and colleges, the Department of Education, and CHED-accredited schools.
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