MANILA, Philippines — The newly-signed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act will allow the country to keep investors in and eventually, launch more jobs, House Speaker Ferdinand Martin Romualdez and Albay Rep. Joey Salceda said.
In separate statements on Monday, Romualdez and Salceda thanked President Ferdinand Marcos for signing Republic Act No. 12066 as it will be a big boost to the country’s economy.
READ: Marcos signs CREATE MORE Act amending corporate income taxes law
Article continues after this advertisementAccording to Romualdez, there was a need to amend the Create Act, to address ambiguities in the tax incentives that the original law had granted to local and domestic corporations since its enactment in March 2021.
FEATURED STORIES NEWSINFO Storm Ofel gains strength; Luzon landfall forecast on Nov. 14 NEWSINFO Tropical Storm Ofel enters PAR, may reach typhoon status Nov 13 NEWSINFO ‘Count me out’ as Davao mayor, says ‘tired’ DuterteRomualdez said there have been complaints from many investors on these alleged ambiguities.
Amend the law“To resolve these issues, and to encourage these investors to remain in the country and keep their workers employed, we found it necessary to already amend the law,” Romualdez said.
Article continues after this advertisement“We acted fast to make adjustments in the law to preserve existing investments and to attract additional capital,” he added.
Article continues after this advertisementSalceda meanwhile said that the Create More may be the biggest pro-labor legislation as it keeps jobs by not only enticing current investors to stay but by also encouraging more businesspeople to enter the Philippines.
Article continues after this advertisement“If you think deeply about it, Create More is the largest pro-labor legislation in recent memory. It increases the demand for labor, by encouraging more investments. This is the only way to truly sustain higher wages,” Salceda, an economist and chairperson of the House committee on ways and means, said.
“This lifts the largest roadblock to foreign direct investments in the country. By encouraging investments from outside, we increase the bargaining power of the Filipino worker, who are currently in the chokehold of a few domestic players who get to set wages,” he added.
Article continues after this advertisementEarlier, Marcos signed RA No. 12066, with House officials like Romualdez and Salceda present to witness the event. With the new law, the National Internal Revenue Code will be amended, in a bid to strengthen the country’s tax incentive policy.
READ: House ratifies amendments to corporate tax incentives law
READ: Senate approves, ratifies CREATE MORE bill
The bicameral committee report containing the final version of the Create More bill was ratified by the House last September 10, while the Senate ratified it the next day.
Romualdez hopes the changes will satisfy existing inventors and eventually pave the way for more businesses and investments in the country.
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“We hope the changes will satisfy our existing investors and entice more foreign capitalists to invest in the country. The enactment of the new law signals our unwavering commitment to keep and attract investments that will preserve jobs and create more opportunities for our peopleastigbet,” he noted.
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