In a significant move to enhance the country’s investment climate, key government officials, including Finance Secretary Ralph Recto and Trade Secretary Ma. Cristina Roque, have signed the implementing rules and regulations (IRR) for the CREATE MORE Act. The signing took place on February 17, 2025, and was attended by notable figures such as Senator Sherwin Gatchalian, Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go, and National Economic and Development Authority Secretary Arsenio Balisacan, along with other officials from various investment promotion agencies.
The CREATE MORE Act, officially known as Republic Act 12066, aims to refine and clarify the provisions necessary for its effective implementation. Secretary Recto, who also chairs the Fiscal Incentives Review Board (FIRB), emphasized that the signing of the IRR signals the Philippines’ readiness to compete globally and its commitment to economic stability. He confidently stated that the country is prepared for any economic challenges, including being ‘Trump 2.0-ready.’
The IRR provides detailed guidelines on how pre-CREATE registered business enterprises (RBEs) can continue to benefit from their existing tax incentives while also being eligible for additional incentives under the new act. It addresses investor concerns by clarifying the process for obtaining a value-added tax (VAT) zero-rating certificate, including eligibility and compliance criteria.
Furthermore, the IRR mandates the FIRB to perform impact evaluations to assess the cost-benefit ratio of fiscal and non-fiscal incentives for highly desirable projects. It also includes measures to prevent the double registration of projects, ensuring efficient fiscal management.
Secretary Recto expressed the government’s dedication to using the CREATE MORE Act not only to attract investments but also to retain and grow them within the Philippines, reinforcing the country’s appeal to investors.