CREATE MORE Act na nilagdaan ni PBBM, target gawing prime investment destination ang bansa at makabuo ng maraming dekalidad na trabaho para sa mga Pilipino

3 weeks ago

CREATE MORE Act na nilagdaan ni PBBM, target gawing prime investment destination ang bansa at makabuo ng maraming dekalidad na trabaho para sa mga Pilipino
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Transcript

00:00President Ferdinand R. Marcos Jr. passed the so-called CREATE MORE Act

00:05which aims to create more quality jobs for Filipinos and investors in the country.

00:13Details in the national news of Claycelle Pardilla of PTV Manila.

00:20As our economy is flourishing,

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

00:30President Ferdinand R. Marcos Jr. passed the CREATE MORE Act

00:36or Corporate Recovery and Tax Incentives for Enterprises to 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

00:53by maximizing tax incentives

00:57and to cover the local and foreign investors.

01:01The CREATE MORE Act is a resounding testament of our commitment to make the Philippines

01:07the destination of choice for investment.

01:10CREATE MORE sets the stage for a business landscape that empowers our enterprises

01:16and enhances their growth prospects.

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

01:24we have enhanced our tax regime, incentive framework, and 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 increased by 27 years from the previous 17 years.

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

01:53as well as the income of registered business enterprises

01:57or businesses by 25%.

02:01It will also provide a 100% reduction in electricity costs

02:05to reduce manufacturing costs

02:08and add 50% to the tourism reinvestment and trade fair expenses.

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

02:19and speeding up the response to problems related to export,

02:23it will also strengthen the flexible work arrangements

02:27within the economic zones that are not affected by their incentives.

02:58CREATE MORE is also implementing some provisions in the previous law

03:02to be more fair to Filipino businessmen.

03:06We are also clarifying local taxation during the income tax holiday

03:11and enhanced deductions regime.

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

03:17giving 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 provide more jobs and opportunities to Filipinos.

03:48From PTV Manila, Kalei Zalpar Iliya for Balitang Pambansa.

CREATE MORE Act na nilagdaan ni PBBM, target gawing prime investment destination ang bansa at makabuo ng maraming dekalidad na trabaho para sa mga Pilipino

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