Dr. Cecilio Pedro, president of the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII), lauded the signing of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act into law, calling it a major step towards strengthening the economy and improving the country’s global investment position.
Pedro said in a statement the new legislation shows the government’s commitment to creating a competitive, investor-friendly business environment.
He highlighted the law’s reduced corporate income tax rate and simpler VAT refund system, which will enhance the country’s appeal to investors and also help small and medium-sized enterprises (SMEs) by reducing tax-related delays.
“We at FFCCCII support and advocate reforms which shall improve the Philippines’ global competitiveness, especially in attracting more investments in manufacturing, export industries, tourism and agriculture,” Pedro said.
The FFCCCII, with over 170 Filipino-Chinese chambers across the Philippines, supports reforms like CREATE MORE that improve the country’s business environment.
“We urge the government to keep pursuing pro-investment policies to attract foreign investments, support local businesses, and keep the Philippines competitive globally,” he said.
The CREATE MORE Act, signed into law by President Ferdinand Marcos Jr. on Nov. 11, 2024 introduces key reforms to attract investments and improve the business climate in the Philippines.
It extends tax incentives to 27 years, lowers the corporate income tax rate to 20 percent for certain businesses and provides a 100-percent additional deduction on power expenses for manufacturers.
The law also streamlines the VAT refund process and simplifies local taxes by replacing multiple fees with a single tax for Registered Business Enterprises (RBEs).
“The FFCCCII looks forward to the successful implementation of the CREATE MORE Act and anticipates that it will mark the beginning of a new era of economic development, inclusivity, and prosperity for the Philippines,” Pedro said.
