The recent signing of the implementing rules and regulations (IRR) for the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act is set to enhance the stability, cost-efficiency, and attractiveness of the Philippines as a hub for information technology and business process management (ITBPM). The IT and Business Process Association of the Philippines (IBPAP) has praised the move, highlighting its potential to create a more favorable environment for investors in the sector.
The IBPAP emphasized that the CREATE MORE Act addresses crucial industry needs by establishing a long-term legal framework that supports work-from-home and hybrid work setups for registered business enterprises in economic zones and freeports. Special Assistant to the President for Investments and Economic Affairs, Secretary Frederick Go, noted that the IRR permits up to a 50 percent hybrid work arrangement for ITBPM enterprises registered with investment promotion agencies.
According to the IBPAP, the CREATE MORE Act will streamline regulations, reducing administrative burdens on registered business enterprises and fostering a more stable and investor-friendly ecosystem. The association was actively involved in the amendment process, providing input on areas requiring enhancement and commending the collaborative efforts of government leaders, investment promotion agencies, and industry stakeholders in refining the law.
The IBPAP extended its gratitude to key government figures, including Finance Secretary and Fiscal Incentives Review Board (FIRB) Chair Ralph Recto, Trade Secretary and FIRB Vice Chair Ma. Cristina Roque, and Secretary Frederick Go, for their leadership in improving the business environment. The association also acknowledged the support of Senator Sherwin Gatchalian and Congressman Joey Salceda, who considered the industry’s numerous position papers.
Committed to the successful implementation of the CREATE MORE Act, the IBPAP aims to work closely with government partners to ensure the reform’s effectiveness. The association is optimistic that the Act will drive sustainable growth, increase employment opportunities, and solidify the Philippines’ status as a leading global destination for ITBPM services.