4 weeks ago
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The Philippines is sending a clear message to the world that it is open for business with the signing of the Implementing Rules and Regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
Following the signing ceremony on Monday, Feb. 17, Finance Secretary and Fiscal Incentives Review Board (FIRB) Chair Ralph G. Recto said the CREATE MORE IRR signals the country's readiness to compete globally and serve as a dependable economic ally.
The CREATE MORE Act, enacted on Nov. 8, 2024, aims to make the Philippines a more attractive investment destination by enhancing its tax incentives regime.
The signed IRR clarifies and refines the CREATE MORE Act’s provisions for smoother implementation. It provides clearer guidelines for pre-CREATE registered business enterprises (RBEs) to continue utilizing previously granted tax incentives, while RBEs under the CREATE Act can access additional incentives under CREATE MORE.
The IRR also addresses investor concerns regarding VAT zero-rating certificates, outlining eligibility and compliance criteria and clarifying the certificate’s covered period.
Furthermore, the IRR mandated fiscal prudence by tasking the FIRB with impact evaluations to guide the President's decisions on fiscal and non-fiscal incentives for highly desirable projects. It also prohibited double project registration to prevent redundant incentives.
Recto said the government is committed to ensuring CREATE MORE attracts and retains investments, fostering growth and trust in the Philippines. He stressed that the Act's ultimate goal is to create high-quality jobs, increase incomes, reduce poverty, and secure a brighter future for Filipinos.
He called for continued stakeholder support, especially from the business sector.
