SENATORS Pia and Alan Peter Cayetano believe that the signing of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Law on November 11, 2024 will result in the creation of many jobs and an influx of foreign investors in the country. .
“All our countrymen need is just a helping hand. This is about bringing authentic and compassionate change among our people – one that truly lifts them from cyclic and oppressive poverty,” said Senator Alan.
Senator Pia Cayetano, former chairman of the Committee on Ways and Means, said she is grateful because many jobs will be created for Filipinos.
Senator Pia sponsored the original CREATE Law in the 18th Congress, which aimed to help businesses recover from the severe effects of the pandemic.
The CREATE Law was very helpful in reducing the corporate income tax from 30 to 25 percent. It was also hailed as a transformative reform after 25 years in the modernization of the tax system and financial incentives to boost businesses and attract investments.
The CREATE MORE Law was created to strengthen the law and align it with job creation goals. One of the highlights of the new law is the streamlining of the approval process for investments by raising the capital threshold for Investment Promotion Agencies from P1 billion to P15 billion.
This change means that only projects exceeding P15 billion need to be reviewed by the Fiscal Incentives Review Board.
The CREATE MORE Law also introduced several tax changes, including VAT exemptions for services such as janitorial, security, financial consulting, marketing and human resources.
Senator Alan, who filed bills in the 19th Congress focused on price, employment, and income, emphasized the need to invest in agriculture, promote tourism, and stimulate industrial growth to promote the long-term development of economy.
“These sectors would provide long-term financial benefits for the country and positively contribute to the well-being of Filipinos,” he said.
The Cayetanos have long been pushing for more investment in the country, while pushing for solutions to pressing issues such as low wages, inflation, and rising prices of basic commodities.
In addition, the senators launched the PTK (Price, Work, Income/Wellness) program in 2013, which aims to provide Filipinos with easy access to capital through low-interest loans to ensure that their livelihood.
“These need both short-term and long-term solutions,” said Senator Alan.
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