The Board of Investments (BOI) presented benefits for pharmaceutical manufacturers under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act at the Philippine Pharmaceutical Manufacturers Association’s first general membership meeting and Manufacturing Summit on Feb. 12, 2025 at the World Trade Center.
The summit gathered key stakeholders from the pharmaceutical industry, government agencies and regulatory bodies to discuss policies and initiatives aimed at strengthening the local pharmaceutical manufacturing sector.
Acting director Ronaldo Buluran of the BOI Manufacturing Industries Service delivered a presentation on the CREATE MORE Act, outlining its amendments, features and benefits for pharmaceutical manufacturers.
Buluran said the law provides tax incentives for large, micro, small and medium enterprises, enabling smaller pharmaceutical companies and suppliers to scale up operations.
He said businesses engaged in health-related activities and addressing supply chain gaps could receive better incentives, promoting sustainable and responsible pharmaceutical manufacturing.
The CREATE MORE Act is a driver in expanding local pharmaceutical production, allowing Filipino manufacturers to compete with imported medicines and generate employment opportunities for pharmacists, chemists and researchers.
Buluran reiterated the BOI’s dedication to supporting industry players in navigating the incentive schemes and encouraged pharmaceutical companies to take advantage of the benefits to enhance production capabilities and market competitiveness.
Beyond the CREATE MORE Act, the BOI remains engaged in advancing initiatives under the Integrated Roadmap of the Philippine Pharmaceutical Industry. The roadmap aims to enhance the country’s pharmaceutical manufacturing capabilities by increasing local production of active pharmaceutical ingredients, reducing reliance on imported medicines and fostering innovation through partnerships with research institutions.
The BOI said it is dedicated to implementing policies and providing initiatives to attract investments in pharmaceutical manufacturing, aligning with the roadmap’s vision of a self-reliant and competitive pharmaceutical industry.