Manila, Philippines – President Ferdinand Marcos Jr. signed into law the CREATE MORE bill (Republic Act No. 12066) on November 11, aiming to make the Philippines a leading destination for investments.
“The Philippines is open for business, and the Filipino people mean business,” he said.
The new law builds on improving ease of doing business, increasing the competitiveness of tax incentives, strengthening governance and accountability, and clarifying value-added tax rules and transitory for pre-CREATE Registered Business Enterprises (RBEs).
Marcos emphasized that CREATE MORE represents a commitment to stability and fiscal responsibility, supporting growth for Philippine enterprises and fostering an inviting investment climate.
“Through this law, we seek to attract both domestic – and this is an important point – both domestic and global investments, focusing on strategic industries that will shape our future,” Marcos in his speech.
“It enhanced our tax regime [and] incentive framework, and making it more inviting for investment—while remaining steadfast in the principles of fiscal prudence and stability,” he said.
The law raises the approval threshold for Investment Promotion Agencies from PHP 1 billion to PHP 15 billion, streamlining the process for larger investments.
The CREATE MORE Act amends RA 11534, the original CREATE Act, which was designed to support business recovery from the pandemic.