New IRR to drive IT-BPM growth, investor confidence

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 stability and investor confidence in the Philippines’ information technology and business process management (IT-BPM) sector.

In a statement on Thursday, the IT and Business Process Association of the Philippines (IBPAP) highlighted that the reform addresses critical industry concerns by establishing a long-term legal framework for work-from-home and hybrid work arrangements. Under the new IRR, registered business enterprises (RBEs) located in economic zones and freeports can adopt up to 50 percent hybrid work arrangements.

“With CREATE MORE, IBPAP expects a more stable, cost-efficient, and investor-friendly ecosystem through streamlined and clearer regulations that reduce administrative burdens on IT-BPM enterprises,” the industry group stated.

The CREATE MORE IRR was developed through collaboration between government agencies and industry stakeholders. IBPAP actively participated in the amendment process, ensuring that industry concerns were addressed. The group acknowledged the leadership of Special Assistant to the President for Investments and Economic Affairs Secretary Frederick Go, Finance Secretary and Fiscal Incentives Review Board (FIRB) Chair Ralph Recto, and Trade Secretary and FIRB Vice Chair Ma. Cristina Roque. It also recognized the efforts of Senator Sherwin Gatchalian and Congressman Joey Salceda in refining the legislation.

IBPAP reaffirmed its commitment to working with the government to implement the CREATE MORE Act effectively. The industry group expressed optimism that the law would drive sustainable growth, create more employment opportunities, and reinforce the Philippines’ position as a global leader in the IT-BPM sector.