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.
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