PRESIDENT Ferdinand Marcos Jr. will sign the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy, also known as the Create More bill, into law next month, Senate President Chiz Escudero said.
“The President is scheduled to sign it on November 11, barring any typhoons or calamities,” Escudero said on Thursday at the 13th Arangkada Philippines Forum.
The legislation aims to attract more investments to the Philippines, with a focus on lowering the corporate income tax for domestic and foreign companies to 20 percent from the current 25 percent. It also aims to improve the value-added tax (VAT) refund process.
Senate President Chiz Escudero. PHOTO: MIKE ALQUINTO
Escudero expressed confidence that the bill would be signed into law in toto, saying, “I don’t expect anything to be vetoed… [I’m] 90 percent sure that it will be as is.” He added that Congress was closely coordinating with the Office of the President, minimizing the possibility of last-minute changes.
The Create More bill is expected to create a more predictable and sustainable business environment, and Escudero said: “Hopefully, we’ll be able to provide even jobs here in the Philippines and give Filipino workers an option to work here instead of simply exploring options to work abroad.”
The 2024 Arangkada Philippines Forum tackles the future-proofing of the different sectors of businesses in the country to uplift the lives of the Filipino workforce. Former Trade secretary Alfredo Pascual was awarded the 12th Arangkada Philippines Lifetime Achievement Award during the event at the Marriot Manila on Oct. 24, 2024 for his contributions to the economy and his staunch support of both foreign and local businesses in the country. PHOTOS BY J. GERARD SEGUIA
The 2024 Arangkada Philippines Forum tackles the future-proofing of the different sectors of businesses in the country to uplift the lives of the Filipino workforce. Former Trade secretary Alfredo Pascual was awarded the 12th Arangkada Philippines Lifetime Achievement Award during the event at the Marriot Manila on Oct. 24, 2024 for his contributions to the economy and his staunch support of both foreign and local businesses in the country. PHOTOS BY J. GERARD SEGUIA
The 2024 Arangkada Philippines Forum tackles the future-proofing of the different sectors of businesses in the country to uplift the lives of the Filipino workforce. Former Trade secretary Alfredo Pascual was awarded the 12th Arangkada Philippines Lifetime Achievement Award during the event at the Marriot Manila on Oct. 24, 2024 for his contributions to the economy and his staunch support of both foreign and local businesses in the country. PHOTOS BY J. GERARD SEGUIA
The 2024 Arangkada Philippines Forum tackles the future-proofing of the different sectors of businesses in the country to uplift the lives of the Filipino workforce. Former Trade secretary Alfredo Pascual was awarded the 12th Arangkada Philippines Lifetime Achievement Award during the event at the Marriot Manila on Oct. 24, 2024 for his contributions to the economy and his staunch support of both foreign and local businesses in the country. PHOTOS BY J. GERARD SEGUIA
The 2024 Arangkada Philippines Forum tackles the future-proofing of the different sectors of businesses in the country to uplift the lives of the Filipino workforce. Former Trade secretary Alfredo Pascual was awarded the 12th Arangkada Philippines Lifetime Achievement Award during the event at the Marriot Manila on Oct. 24, 2024 for his contributions to the economy and his staunch support of both foreign and local businesses in the country. PHOTOS BY J. GERARD SEGUIA
The 2024 Arangkada Philippines Forum tackles the future-proofing of the different sectors of businesses in the country to uplift the lives of the Filipino workforce. Former Trade secretary Alfredo Pascual was awarded the 12th Arangkada Philippines Lifetime Achievement Award during the event at the Marriot Manila on Oct. 24, 2024 for his contributions to the economy and his staunch support of both foreign and local businesses in the country. PHOTOS BY J. GERARD SEGUIA
The 2024 Arangkada Philippines Forum tackles the future-proofing of the different sectors of businesses in the country to uplift the lives of the Filipino workforce. Former Trade secretary Alfredo Pascual was awarded the 12th Arangkada Philippines Lifetime Achievement Award during the event at the Marriot Manila on Oct. 24, 2024 for his contributions to the economy and his staunch support of both foreign and local businesses in the country. PHOTOS BY J. GERARD SEGUIA
The 2024 Arangkada Philippines Forum tackles the future-proofing of the different sectors of businesses in the country to uplift the lives of the Filipino workforce. Former Trade secretary Alfredo Pascual was awarded the 12th Arangkada Philippines Lifetime Achievement Award during the event at the Marriot Manila on Oct. 24, 2024 for his contributions to the economy and his staunch support of both foreign and local businesses in the country. PHOTOS BY J. GERARD SEGUIA
The 2024 Arangkada Philippines Forum tackles the future-proofing of the different sectors of businesses in the country to uplift the lives of the Filipino workforce. Former Trade secretary Alfredo Pascual was awarded the 12th Arangkada Philippines Lifetime Achievement Award during the event at the Marriot Manila on Oct. 24, 2024 for his contributions to the economy and his staunch support of both foreign and local businesses in the country. PHOTOS BY J. GERARD SEGUIA
The 2024 Arangkada Philippines Forum tackles the future-proofing of the different sectors of businesses in the country to uplift the lives of the Filipino workforce. Former Trade secretary Alfredo Pascual was awarded the 12th Arangkada Philippines Lifetime Achievement Award during the event at the Marriot Manila on Oct. 24, 2024 for his contributions to the economy and his staunch support of both foreign and local businesses in the country. PHOTOS BY J. GERARD SEGUIA
The 2024 Arangkada Philippines Forum tackles the future-proofing of the different sectors of businesses in the country to uplift the lives of the Filipino workforce. Former Trade secretary Alfredo Pascual was awarded the 12th Arangkada Philippines Lifetime Achievement Award during the event at the Marriot Manila on Oct. 24, 2024 for his contributions to the economy and his staunch support of both foreign and local businesses in the country. PHOTOS BY J. GERARD SEGUIA
The 2024 Arangkada Philippines Forum tackles the future-proofing of the different sectors of businesses in the country to uplift the lives of the Filipino workforce. Former Trade secretary Alfredo Pascual was awarded the 12th Arangkada Philippines Lifetime Achievement Award during the event at the Marriot Manila on Oct. 24, 2024 for his contributions to the economy and his staunch support of both foreign and local businesses in the country. PHOTOS BY J. GERARD SEGUIA
The 2024 Arangkada Philippines Forum tackles the future-proofing of the different sectors of businesses in the country to uplift the lives of the Filipino workforce. Former Trade secretary Alfredo Pascual was awarded the 12th Arangkada Philippines Lifetime Achievement Award during the event at the Marriot Manila on Oct. 24, 2024 for his contributions to the economy and his staunch support of both foreign and local businesses in the country. PHOTOS BY J. GERARD SEGUIA
The 2024 Arangkada Philippines Forum tackles the future-proofing of the different sectors of businesses in the country to uplift the lives of the Filipino workforce. Former Trade secretary Alfredo Pascual was awarded the 12th Arangkada Philippines Lifetime Achievement Award during the event at the Marriot Manila on Oct. 24, 2024 for his contributions to the economy and his staunch support of both foreign and local businesses in the country. PHOTOS BY J. GERARD SEGUIA
The bill was among 31 laws of national application and 39 local laws that were recently transmitted to Malacañang and are ready for signature of the President, he added.
Investment and Economic Affairs Secretary Frederick Go has said that the passage of the bill will drive further investments, especially in the semiconductor and pharmaceutical industries.
The bill also includes VAT incentives and duty-free status to registered enterprises within a freeport or economic zone.
The Philippine Economic Zone Authority (PEZA) said that Create More’s approval would encourage more investors to consider the Philippines.
PEZA Director General Tereso Panga said the bill would also lay a foundation for expected growth in electronics, electric vehicles and pharmaceutical industries.
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