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Implementing rules and regulations for the CREATE MORE Act has been signed
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The IRR provides clearer guidelines on transitory rules for pre-CREATE registered business enterprises
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It also directly addresses investor concerns regarding the issuance of the VAT zero-rating certificate
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The IRR prohibits double registration of projects, preventing redundant incentives and ensuring responsible fiscal management
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 has been signed.
“[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,” Finance Secretary and Fiscal Incentives Review Board (FIRB) chair Ralph Recto said in his opening remarks at the signing ceremony on February 17, 2025.
Republic Act (RA) No. 12066, or the CREATE MORE Act, amends certain provisions of RA 11534, or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
READ: Marcos signs CREATE MORE Act into law
Enacted on November 8, 2024, CREATE MORE Act strengthens the original CREATE Act by streamlining fiscal incentive policies, clarifying investment rules, and improving ease of doing business.
It aims to attract more foreign investments, foster economic growth, and ensure that the Philippines remains a competitive and dynamic investment destination.
The IRR, which was also signed by Trade Secretary and FIRB co-chair Ma. Cristina Roque, clarifies and refines the provisions in the CREATE MORE Act for its smooth implementation, the Department of Finance said in a statement.
This includes providing clearer guidelines on the transitory rules for pre-CREATE registered business enterprises (RBEs) to continue enjoying their previously granted tax incentives. RBEs under the CREATE Act, meanwhile, may avail of additional incentives or measures under the new law.
The IRR also directly addresses investor concerns regarding the issuance of the value-added tax 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,” 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. – Roumina Pablo
