CREATE More Act na inaasahang magdadala ng mas maraming investments at trabaho sa Pilipinas, pinagtibay na ni PBBM

3 weeks ago

CREATE More Act na inaasahang magdadala ng mas maraming investments at trabaho sa Pilipinas, pinagtibay na ni PBBM

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Transcript

00:00In front of the target of the government to make the Philippines a prime investment destination,

00:05President Ferdinand R. Marquez Jr. passed an important law

00:09that is expected to help build more quality jobs for the Filipinos.

00:15This is Clayzel Pardilia for Sandro Nang Balita.

00:20As our economy grows,

00:22it is expected that more jobs will be created in the country.

00:30President Ferdinand R. Marquez Jr. passed the Create More Act

00:36or Corporate Recovery and Tax Incentives for Enterprises

00:40to maximize opportunities for reinvigorating the economy.

00:44The target is to attract more foreign and domestic investors

00:49and to make the Philippines a prime investment destination

00:53through increasing tax incentives

00:57and to attract local and foreign investors.

01:01Create More Act is a resounding testament of our commitment

01:05to make the Philippines the destination of choice for investment.

01:10Create More sets the stage for a business landscape

01:14that empowers our enterprises and enhances their growth prospects.

01:19By building on the reforms initiated through the Create Act,

01:24we have enhanced our tax regime, incentive framework,

01:28and making it more inviting for investment

01:31while remaining steadfast in the principles of fiscal prudence and stability.

01:38Under Republic Act No. 12066,

01:42tax incentives have been extended for 27 years from the previous 17 years.

01:49Income tax rate has been reduced by 20%

01:53or the income of registered business enterprises

01:57or businesses has been reduced by 25%.

02:00This will also provide 100% reduction in electricity costs

02:06and 50% reduction in tourism reinvestment and trade fair expenses.

02:14Based not only on obtaining value-added tax refund claims

02:18and speeding up the response to problems related to export,

02:23flexible work arrangements within economic zones

02:27that are not affected by their incentives will also be strengthened.

02:33To our investors and development partners, let this be our pledge.

02:37The Bagong Pilipinas continues to foster an economy

02:41where businesses and investments remain at the heart of our progressive development.

02:46We are promoting transparency and predictability.

02:50And in so doing, we create a more reliable process

02:54that instills confidence in investors and in partners alike.

02:58They are also creating more provisions in the previous law

03:02to be more fair to Filipino businessmen.

03:05We are also clarifying local taxation during the income tax holiday

03:10and enhanced deductions regime.

03:13This creates a fair and balanced system for local taxes,

03:16giving businesses greater certainty

03:19while ensuring that local communities also benefit from their presence.

03:24Because of this, more businesses are expected to open

03:29which will give more jobs and opportunities to Filipinos.

03:35As we open new doors of opportunity, we drive businesses to reinvest their capital,

03:41build upon the workforce, and initiate a ripple effect that will be felt across generations.

03:48Kalay Zalpardilla for Pambansang TV in the new Philippines.

CREATE More Act na inaasahang magdadala ng mas maraming investments at trabaho sa Pilipinas, pinagtibay na ni PBBM

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