New law on corporate taxes, incentives aims to ‘put PH back on the map’

The Makati-Taguig skyline in this photo taken on April 12, 2024.   Gigie Cruz, ABS-CBN News

PH ECONOMY

ABS-CBN News

<p>MANILA — Signing the CREATE MORE law is President Ferdinand Marcos Jr.’s way of trying to put the Philippines back on the map, his economic adviser said.</p><p>According to Secretary Frederick Go, the country’s Special Assistant to the President for Investment and Economic Affairs, the new law aims to bring manufacturing back to the Philippines in order to provide more jobs to Filipinos, and to make the country self-sufficient and self-reliant.</p><p>“That is the idea, to bring manufacturing back to the Philippines so we can be self-sufficient and self-reliant,” he said in an interview on “Beyond the Exchange with Rico Hizon.”</p><p>“If you bring in a large-scale investor, the ecosystem around it will follow,” he added.</p><p>Marcos signed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities (CREATE MORE) Act earlier this month, amending the National Internal Revenue Code of 1997 and further enhances the country&#x27;s fiscal incentives regime to make the Philippines more inviting for investments.</p><p>Go said it is crucial to have the law implemented immediately to take advantage of investors’ interest in the country, which has been lagging behind its Southeast Asian neighbors in terms of foreign direct investments (FDI).</p><p>“They were grabbing the lion’s share of investments, and the Philippines has really really lagged behind in this respect,” he said.</p><p>“We can safely say we have missed the boat for many years…That is exactly what we are trying to reverse,” Go added.</p><p>According to Go, the CREATE MORE law hopes to improve the ease of doing business, and to reduce the cost of doing business.</p><p>To do so, the country will offer tax incentives to investors.</p><p>It also hopes to streamline approvals, and reduce bureaucracy in investment approvals, Go added.</p><div><a href="https://www.abs-cbn.com/business/2024/11/11/economic-team-hails-signing-of-create-more-act-1259">Marcos signing of CREATE MORE Act expected to boost investments</a></div><div><a href="https://www.abs-cbn.com/business/2024/11/5/create-more-bill-seen-to-reduce-office-vacancies-1627">CREATE MORE bill seen to reduce office vacancies</a></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/brNh0DaiDDo?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>Signing the CREATE MORE law is President Ferdinand Marcos Jr.’s way of trying to put the Philippines back on the map, his economic adviser said.</p>

Signing the CREATE MORE law is President Ferdinand Marcos Jr.’s way of trying to put the Philippines back on the map, his economic adviser said.

New law on corporate taxes, incentives aims to ‘put PH back on the map’ | ABS-CBN

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New law on corporate taxes, incentives aims to ‘put PH back on the map’

New law on corporate taxes, incentives aims to ‘put PH back on the map’

ABS-CBN News

Published Nov 26, 2024 11:30 PM PHT

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CREATE MORE Law

FDI

foreign direct investment

Frederick Go

Ferdinand Marcos Jr.

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