00:00President Ferdinand R. Marcus Jr. signed into law the Corporate Recovery and Tax Incentives
00:05for Enterprises to maximize opportunities for reinvigorating the economy or create more
00:11act.
00:12This act aims to attract more investors and position the country as a prime investment
00:16destination by improving tax incentives and policies for both local and foreign investments.
00:22Under Republic Act No. 12066, the tax incentive period was extended to 27 years from the previous
00:30years.
00:31Additionally, it simplifies the process for obtaining value-added tax refund claims and
00:35expedites responses to export-related issues.
00:38Moreover, the Create More Act also addresses certain provisions in previous legislation
00:44to ensure fairness for Filipino entrepreneurs.
00:47To our investors and development partners, let this be our pledge.
00:52The Bagong Pilipinas continues to foster an economy where businesses and investments remain
00:58at the heart of our progressive development.
01:01We are promoting transparency and predictability.
01:05And in so doing, we create a more reliable process that instills confidence in investors
01:11and in partners alike.
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