Investments conferred CREATE incentives valued at P1.1 trillion
PROJECTS benefiting from incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law generated investments exceeding P1 trillion, the Department of Finance (DoF) said.
In a social media post, the DoF said that the CREATE Act attracted P1.1 trillion worth of investments between August 2021 and December 2023. The projects are expected to generate 102,304 jobs.
The Fiscal Incentives Review Board approved 51 applications involving capital worth P843.9 billion, projected to generate 33,278 jobs.
Meanwhile, 881 applications were approved by investment promotion agencies, generating P207 billion in investments and expected to create 69,026 jobs.
Signed into law in 2021, CREATE was designed to provide relief to businesses recovering from the pandemic through reduced corporate income tax rates and rationalized fiscal incentives.
The CREATE MORE bill is currently being considered by the House of Representatives, to better harmonize CREATE with its implementing rules and regulations. — Luisa Maria Jacinta C. Jocson