Senate President Win Gatchalian called for a comprehensive implementation of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, emphasizing its critical role in enhancing investor confidence and driving economic growth.
The lawmaker’s call comes as local business sentiment shows lingering pessimism. Although August’s Business Expectations Survey indicated a slight improvement in outlook, the business confidence index remained in negative territory. The dampened mood among enterprises was attributed to persistent elevated inflation, surging fuel prices, high operating and production expenses, adverse weather conditions, and restrained consumer spending on travel and leisure.
Stressing the broader economic impact of the legislation, Gatchalian noted that the law goes beyond offering fiscal perks. “Kung tuloy-tuloy ang pamumuhunan sa bansa, mas dadami ang trabaho at makakatulong ito para mapataas ang koleksyon ng buwis,” Gatchalian said.
He added that the framework will help cushion the impact of high operational costs for enterprises operating in the Philippines. “Sa panahon na maraming iniinda ang mga mamumuhunan, kagaya ng mataas presyo ng kuryente at raw materials, kumpiyansa tayo na ang CREATE MORE ay magbibigay sa atin ng competitive advantage,” he stated.
Enacted into law as Republic Act No. 12066 in November 2024, the CREATE MORE Act was sponsored and principally authored by Gatchalian. The measure amended the original CREATE Act to refine tax incentive frameworks and make the country a more attractive destination for domestic and foreign investments.