Finance Secretary and Fiscal Incentives Review Board (FIRB) Chair Ralph G. Recto has underscored that the much-awaited signing of the Implementing Rules and Regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act is a clear message to the world that the Philippines means business.
“[W]e are ready to compete. We are a dependable economic ally. We offer stability amid uncertainty. And yes—we are Trump 2.0-ready,” he said in his opening remarks at the signing ceremony on February 17, 2025.
Enacted on November 8, 2024, the CREATE MORE Act transforms the Philippines into an attractive business destination by making the tax incentives regime more globally competitive, investment-friendly, predictable, and accountable.
The IRR, which was signed by Secretary Recto and Department of Trade and Industry (DTI) Secretary and FIRB Co-Chair Ma. Cristina Aldeguer-Roque, clarifies and refines the provisions in the CREATE MORE Act for its smooth implementation.
This includes providing clearer guidelines on the transitory rules for pre-CREATE registered business enterprises (RBEs) to continue enjoying their previously granted tax incentives. Meanwhile, RBEs under the CREATE Act may avail of additional incentives or measures under the CREATE MORE Act.
It also directly addresses investor concerns regarding the issuance of the value-added tax (VAT) zero-rating certificate by providing detailed guidelines on eligibility and compliance criteria and clarifying the certificate’s covered period.
Beyond enhancing incentives, the CREATE MORE IRR upholds fiscal prudence in the administration of tax incentives. The FIRB is tasked to conduct impact evaluations to guide the President in deciding the grant of fiscal and non-fiscal incentives for highly desirable projects to determine whether the benefits outweigh the costs of incentives.
Additionally, the IRR prohibits double registration of projects, preventing redundant incentives and ensuring responsible fiscal management.
“On the part of the government, we are committed to making CREATE MORE not just a tool to attract more investments—but a magnet to keep them here, grow them here, and give every reason for investors to place their trust in the Philippines. Again and again,” Secretary Recto said.
The Finance Chief stressed that the government will ensure the CREATE MORE Act fulfills its ultimate goal of creating more high-quality jobs for Filipinos, increasing their incomes, reducing poverty, and securing a brighter future for them.
He also called for strong support from all stakeholders, particularly the business sector, to continue the robust partnership they have forged since the crafting of the law up to its execution.
“Together, let us make CREATE MORE happen. Let us make it deliver. Let us ensure that its gains are felt by every Filipino, and build a lasting impact on future generations to come,” he said.
Present during the signing ceremony were Senator Sherwin T. Gatchalian; and FIRB Board Members Special Assistant to the President for Investment and Economic Affairs Secretary Frederick D. Go and National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan.
Key officials from various investment promotion agencies (IPAs) were also in attendance. (DOF)
