The government will hold an international roadshow next year to introduce to other countries and potential foreign investors the benefits of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
During the 3rd Luzon Economic Corridor Steering Committee meeting in Malacañang, Manila on Nov. 22, representatives from Japan and the United States expressed their interests in the potential of the new investment-inducing law to attract greater participation and investments from like-minded nations and the private sector.
Signed by President Ferdinand R. Marcos Jr. on Nov. 11, CREATE MORE Act or Republic Act (RA) 12066 builds on the game-changing economic reforms introduced under the CREATE law by making the country’s tax incentives more globally competitive, investment-friendly, predictable and accountable.
The enactment of the CREATE MORE Act is seen to give a boost to the Luzon Economic Corridor (LEC) initiative, drawing the attention of trilateral partners, the US and Japan.
The US delegation, during the meeting, highlighted the CREATE MORE Act as a pivotal tool for enhancing investment opportunities within the LEC framework.
They suggested that Philippine officials conduct a comprehensive roadshow that will showcase the benefits of the landmark legislation.
Special Assistant to the President for Investment and Economic Affairs Frederick Go said plans for such a roadshow are already in motion, set to launch immediately following the finalization of the implementing rules and regulations (IRR) of CREATE MORE.
“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?” Go said.
“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,” he said. “The IRR is expected to be completed by February of next year. We’re waiting for the IRR before we do that roadshow.”
Among the countries being eyed for the roadshow aside from the US and Japan are South Korea and European Union nations. (PNA)
