Manila, Philippines — President Ferdinand R. Marcos Jr. signed into law the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act on November 11, 2024, at Malacañang Palace. This landmark legislation amends the original CREATE Act, aiming to make the Philippines’ tax incentives regime more globally competitive, investment-friendly, predictable, and accountable.
The CREATE MORE Act lowers the corporate income tax rate to 20% for registered business enterprises, increases allowable deductions such as a 100% additional deduction on power expenses, and extends tax incentives for strategic investments. It also introduces a simplified VAT refund system to reduce delays and clarifies tax rules for businesses in special economic zones.
President Marcos emphasized that the law “signifies my administration’s unwavering commitment to empowering the business sector and enhancing their growth prospects,” making the Philippines a “destination of choice for investments.”
Finance Secretary Ralph G. Recto called CREATE MORE “among the best gifts for our current and future investors as well as the whole nation this year,” highlighting that the business community had long awaited these reforms.
Senate President Francis Escudero noted the law’s potential to create new jobs and provide a consistent tax incentives regime attractive to both local and foreign investors. House Speaker Martin Romualdez added that the amendments would help preserve current investments while enticing new foreign capital.
The Department of Trade and Industry (DTI) described CREATE MORE as “game-changing legislation aimed at transforming the Philippine economy,” boosting investor confidence and driving long-term growth through transparency, efficiency, and predictability.
With CREATE MORE in effect, the Philippines aims to strengthen its position as a competitive investment destination in Southeast Asia and spur economic growth across various sectors.
