Posted: November 12, 2024
President Ferdinand R. Marcos Jr. signed into law Republic Act (RA) No. 12066, otherwise known as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act in a ceremonial signing held at the Ceremonial Hall, Malacañan Palace, Manila, 11 November 2024.
RA 12066 aims to promote the Philippines as a prime investment destination. The law builds on the game-changing economic reforms introduced under the CREATE law by making the country’s tax incentives regime more globally competitive, investment-friendly, predictable and accountable.
The said law is among the priority measures of the Marcos Jr. administration. RA 12066 also addresses local taxation during the Income Tax Holiday and Enhanced Deductions Regime, clarifying areas previously unaddressed by the CREATE Act to create a fair and balanced local tax system, giving businesses “greater certainty” while ensuring that local communities benefit from their presence.
In his message, President Marcos Jr. emphasized that the law seeks to attract both domestic and global investments, particularly in strategic industries that will shape the country’s future. Finally, President Marcos Jr. assured investors and development partners that the Bagong Pilipinas continues to foster an economy where businesses and investments remain at the heart of our progressive development.
Presidential Legislative Liaison Office (PLLO) Secretary Mark Llandro L. Mendoza, together with other PLLO officials and staff, attended the said ceremonial signing
