The recently-enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act or Republic Act (RA) 12066 will provide significant benefits not only to large businesses but also to ordinary Filipinos, according to Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick Go on Tuesday.
In a statement, Go expressed confidence that the CREATE MORE Act has the potential to generate new job opportunities and stimulate economic growth.
Go said major foreign investors have already shown interest in investing capital in the Philippines following the signing of RA 12066.
“The passage of CREATE MORE has sparked considerable interest from both foreign and domestic direct investors, particularly large-scale ones. This is our primary tool for positioning the Philippines as an attractive investment destination. We are currently in discussions regarding sectors such as electronics, steel, offshore wind, renewable energy, and shipbuilding,” he said.
He added potential investors are from various countries, including Korea, China, Japan, Australia, Britain, and the United States.
Go said Australia is particularly focused on renewable energy and solar initiatives.
Go has championed CREATE MORE from its inception in congressional discussions to its current status as law.
He said the timing of the signing of the law is crucial in providing more employment opportunities for Filipinos.
This legislation aims to enhance the country’s tax incentives regime, making it more competitive and appealing to both domestic and international investors.
As of September this year, the unemployment rate in the Philippines has decreased to 3.7 percent, a notable improvement from 4.5 percent during the same period last year.
This has increased the labor force participation rate to a robust 65.7 percent.
With the anticipated impact of CREATE MORE on employment, Filipinos can look forward to securing better-paying jobs that will help them support their families, Go said. (PNA)
