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Manila Bulletin devider Business devider Tax incentives boost Philippines' appeal to global investors—DOF

Tax incentives boost Philippines' appeal to global investors—DOF

Published Dec 19, 2024 06:03 am

The recently enacted corporate recovery and tax incentives for enterprises to maximize opportunities for reinvigorating the economy (CREATE MORE) is proving to be a game-changer in attracting global investors, earning praise from Japanese, American, and British business leaders.

According to the Department of Finance (DOF), Japanese investors see CREATE MORE as a solution to their long-standing value-added tax (VAT) refund concerns, as it eliminates the need for export-oriented businesses to pay VAT upfront.

American investors at the Philippine Economic Briefing (PEB) in Washington, D.C. recognized the law as a "gateway to swift entry" into the Luzon Economic Corridor, aligning with the Philippines-US-Japan Trilateral Alliance.

British investors in London consider CREATE MORE a major factor in ensuring predictability and stability for business operations in the country.

"To them, it strengthens the Philippines' strategic investment advantages, particularly its vibrant labor force, which is young, well-educated, and English-speaking," the DOF stated.

The DOF also said that international investors with existing investments in the Philippines have shown interest in expanding their operations. These include leading companies in sectors such as manufacturing, technology, renewable energy, banking, infrastructure, hospitality, healthcare, and insurance.

Furthermore, the DOF announced more PEBs and investor roundtables are lined up for 2025 as the government finalizes the CREATE MORE Act's implementing rules.

Republic Act (RA) No. 12066, or the CREATE MORE Act, was signed last month on November 11th. It aims to make the country a more appealing business destination by improving tax incentives to be globally competitive, investment-friendly, predictable, and transparent.

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