The government will hold a comprehensive roadshow showcasing the opportunities presented by the newly-enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
Secretary Frederick Go of the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) said the roadshow will be launched once the implementing rules and regulations (IRR) of CREATE MORE are finalized.
Go said the IRR will be completed by February.
The conduct of roadshows was in response to calls made by the US delegates in the Luzon Economic Corridor (LEC) steering committee in a meeting in Malacanang on November 22.
“The Board of Investments, together with the investment promotion agencies, is organizing a roadshow to all the countries that have great interest in investing in the Philippines. We will answer the questions: `What does the Philippines have to offer? What locations can we offer? What are the benefits of signing up with the investment promotion agencies because of CREATE MORE?’ We will reach out to them, and let them know how CREATE MORE supports them, and how it gives predictability in the regulatory environment in the Philippines,” Go said.
Among the countries being explored to be visited are the US, Japan, South Korea, and the European Union.
OSAPIEA said the recent enactment of the CREATE MORE Act drew the attention of trilateral partners, the US and Japan.
OSAPIEA said representatives from both countries expressed their interest in the potential of this new investment-inducing law to attract greater participation and investments from like-minded nations and the private sector.
It added the US delegation cited CREATE MORE Act as a pivotal tool for enhancing investment opportunities within the LEC framework. The CREATE MORE Act, among others, lowers the corporate income tax rate and increases deductible items; provides value-added tax exemptions and zero-rating on local purchases for certain businesses; allows information technology and business process outsourcing firms to offer alternative work arrangements such as working from home, without affecting their businesses.
