Escudero: Pres. Marcos to Sign CREATE MORE Bill on Nov. 11

Senate President Francis Escudero has announced that President Ferdinand R. Marcos Jr. is set to sign the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act on November 11. This was confirmed during Escudero's remarks at the 13th Arangkada Philippines Forum held at the Marriott Hotel in Pasay City.

Barring any unforeseen calamities or typhoons, the signing of CREATE MORE will proceed as planned. Escudero highlighted that the legislation aims to attract more investors to the country by establishing a predictable and sustainable business environment. This is expected to create more jobs locally, providing Filipino workers with viable opportunities at home rather than seeking employment abroad.

The CREATE MORE bill, which was recently approved by the bicameral conference committee, is on the legislative agenda as a top priority measure. The bill proposes a reduction of corporate income tax rates for both domestic and foreign companies from 25 percent to 20 percent. It also seeks to eliminate value-added tax (VAT) on essential services and extends various exemptions and incentives to large domestic enterprises.

In addition to lowering corporate taxes, the bill allows local government units (LGUs) to set lower tax rates for registered business enterprises (RBEs) below 2 percent. It also includes provisions for VAT zero-rating and duty exemptions, as well as tax refunds for petroleum suppliers to tax-exempt entities.

Escudero expressed confidence in the bill’s approval, stating he is "90 percent sure" that the final version will be endorsed without changes. He emphasized that the Senate has coordinated closely with the Office of the President and the Executive Secretary to ensure alignment on the bill's provisions. This collaborative approach aims to avoid the need for back-and-forth revisions between the legislative and executive branches.