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Manila Bulletin devider Business devider Trade & Industry devider CREATE MORE law: A boost for Philippine businesses, says PCCI

CREATE MORE law: A boost for Philippine businesses, says PCCI

Published Nov 14, 2024 05:41 am

The Philippine Chamber of Commerce and Industry (PCCI) has lauded the signing of the Corporate Recovery and Tax Incentives for Enterprises-Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, saying it will boost investment and simplify tax administration.

In a statement, Enunina V. Mangio, PCCI president, said the CREATE MORE Act is a "crucial step" toward enabling local businesses, empowering small and medium enterprises (SMEs), and attracting foreign investment.

Mangio said the new law will improve tax certainty and create a more sustainable incentive framework.

"Under a more favorable and predictable tax environment, businesses can better plan for long-term growth," Mangio said. "We can likewise expect to foster more foreign direct investments to come in.”

The PCCI, the country’s largest business organization, also welcomed provisions that simplify tax administration and clarify guidelines for applying for tax incentives.

On Wednesday, the Management Association of the Philippines (MAP) also welcomed the CREATE MORE Act.

MAP president Rene D. Almendras said the law will improve the ease of doing business in the Philippines and attract more job-creating investments.

"We thank President Marcos Jr. for signing a law that signifies his administration's unwavering commitment to empowering the business sector and fostering a climate where businesses will flourish and continue to contribute meaningfully to the Philippine economy," Almendras said.

The CREATE MORE Act was signed into law by President Ferdinand R. Marcos Jr. on Nov. 11. It builds on the CREATE Act of 2021 and is expected to further boost the Philippine economy.

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