State-run Bases Conversion and Development Authority (BCDA) said Tuesday it expects the enactment of CREATE MORE Act or Republic Act No. 12066 to boost Clark’s investment appeal, strengthening the Philippines’ position as a top business destination in the Asia Pacific region.
“The passage of CREATE MORE sends a powerful signal to investors worldwide that the Philippines is a prime investment destination. At BCDA, we pledge to support this national goal by unlocking Clark’s full potential and driving economic progress in our special economic zones,” said BCDA president and chief executive Joshua Bingcang.
Signed by President Ferdinand Marcos Jr. on Nov. 11, 2024, CREATE MORE is expected to attract more investments, create jobs and stimulate economic growth. The law extends tax incentives for enterprises from 17 to 27 years, reduces the corporate income tax rate to 20 percent from 25 percent and offers a 100-percent additional deduction on power expenses for the manufacturing sector, among other provisions.
Bingcang emphasized the agency’s commitment to working with both public and private sectors to maximize Clark’s potential, alongside other special economic zones, in support of the government’s vision of achieving upper middle-income status.
Clark is home to major developments such as Clark International Airport, Clark Freeport Zone and BCDA’s New Clark City—a 9,450-hectare, sustainable smart city positioned to be an inclusive and resilient urban hub.
The Management Association of the Philippines (MAP) also expressed its strong support for the signing of RA 12066.
MAP said this would strengthen the ease of doing business (EODB) in the Philippines—an area that has been a top concern for its members.
It said the law addresses several long-standing issues faced by investors, including the VAT refund process, local taxation complexities, investment approval procedures and flexible working arrangements.
“The signing of CREATE MORE shows President Marcos Jr.’s commitment to empowering the business sector and fostering a climate where businesses can thrive and contribute meaningfully to the Philippine economy,” MAP said in a statement.
