Ceremonial Hall, Malacañan Palace
November 11, 2024
Aiming to attract both domestic and global investments focusing on strategic industries that will shape the country’s future towards the Administration’s vision of a globally competitive and investment-led Philippine economy, President Ferdinand R. Marcos Jr. formally signed Republic Act (R.A.) No. 12066 or the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy or CREATE MORE Act in Malacañan Palace.
“The signing of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy – a bit of a mouthful, so we’ll just refer to it as the CREATE MORE Act – is a resounding testament of our commitment to make the Philippines the destination of choice for investments,” the President said in his keynote message.
He underscored that R.A. No. 12066 symbolizes the invaluable insights shared by international partners during his overseas trips where he met with global stakeholders. “Their feedback has enriched this legislation, a reflection of our resolve to foster a climate where businesses will flourish and continue to meaningfully contribute to the Philippine economy,” he said.
The Chief Executive enumerated the salient features and key benefits of the CREATE MORE Act that build on the reforms initiated through the CREATE Act, such as enhancing the tax regime and incentive framework to make it more inviting for investments while remaining steadfast in the principles of fiscal prudence and stability.
Accordingly, the President emphasized the significant role of the business sector in shaping the new Law, citing that their feedback has been essential in government efforts toward crafting policies that make the nation competitive on the global stage. With gross domestic product (GDP) growing at an average of 5.8 percent in the first three quarters of 2024, the Philippines is showcasing its potential as a dynamic and vibrant force in the region.
“CREATE MORE is a tangible proof that we hear and respond to the voices of the business community. This reaffirms our commitment to work hand-in-hand with enterprise, continually seeking avenues to make your investments grow and prosper. To our investors and development partners, let this be our pledge: The Bagong Pilipinas continues to foster an economy where businesses and investments remain at the heart of our progressive development,” President Marcos Jr. ended in his message.
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