CREATE MORE Act, nilagdaan na ni PBBM

PTVPhilippines

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00:00Expecting more investors to come to the country

00:03following the addition of President Ferdinand R. Marcos Jr.

00:07to the Create More Act, which is also trying to be a prime investment destination in the Philippines.

00:13This is Clayse Del Pardilla of PTV in Balitang Pambansa.

00:18As our economy is booming,

00:21we are expecting more people to come

00:25and more jobs to be created in the country.

00:29President Ferdinand R. Marcos Jr. has already passed the Create More Act

00:35or Corporate Recovery and Tax Incentives

00:37for Enterprises to Maximize Opportunities for Reinvigorating the Economy.

00:43This is a target to attract more foreign and domestic investors

00:48and to make the Philippines a prime investment destination

00:51by maximizing foreign and domestic investment incentives.

01:00The Create More Act is a resounding testament

01:03of our commitment to make the Philippines the destination of choice for investment.

01:09Create More sets the stage for a business landscape

01:13that empowers our enterprises and enhances their growth prospects.

01:19By building on the reforms initiated through the Create Act,

01:23we have enhanced our tax regime, incentive framework,

01:27and making it more inviting for investment,

01:30while remaining steadfast in the principles of fiscal prudence and stability.

01:37Under Republic Act No. 12066,

01:41the tax incentive was reduced by 27 years from the previous 17 years.

01:48The income tax rate was reduced by 20%

01:52or the income of registered business enterprises

01:56or businesses was reduced by 25%.

01:59It also gave a 100% reduction in electricity costs

02:04to reduce manufacturing costs

02:06and a 50% reduction in tourism reinvestment and trade fair expenses.

02:13Based not only on obtaining value-added tax refund claims

02:17and accelerating the response to problems related to export,

02:22it will also strengthen the flexible work arrangements

02:26within economic zones that are not affected by their incentives.

02:31To our investors and development partners,

02:34let this be our pledge.

02:36The Bagong Pilipinas continues to foster an economy

02:40where businesses and investments remain at the heart of our progressive development.

02:45We are promoting transparency and predictability.

02:49And in so doing, we create a more reliable process

02:53that instills confidence in investors and in partners alike.

02:57Some provisions in the previous law were also created

03:01to be more fair to Filipino businessmen.

03:04We are also clarifying local taxation during the income tax holiday

03:09and enhanced deductions regime.

03:12This creates a fair and balanced system for local taxes,

03:15giving businesses greater certainty

03:18while ensuring that local communities also benefit from their presence.

03:23Because of this, more businesses are expected to open

03:28which will give more jobs and opportunities to Filipinos.

03:34As we open new doors of opportunity,

03:37we drive businesses to reinvest their capital,

03:40build upon the workforce,

03:42and initiate a ripple effect that will be felt across generations.

03:47From PTV Manila, I am Leysel Pardilia for Balitang Pambansa.

03:54President Ferdinand R. Marcos Jr. visited the Sea Trade Cruise Asia 2024 in Ocada, Manila.

04:00The leaders of the international cruise industry

04:03gathered to show the various world-class destinations in the Philippines.

04:07Through this, the country will attract more cruise lines and tourists.

04:11Tourism has a huge impact on the economy and employment of Filipinos.

04:15The President's visit to the event shows the government's full support for the cruise industry.

04:23Our efforts go beyond improving ports and destinations.

04:26We are also working to preserve the cultural and environmental assets that make us distinctive.

04:33Our goal is to build an industry that benefits everyone

04:37the cruise lines and its crew members,

04:40the local communities,

04:42and the travelers who seek to explore the rich diversity of our cultures.

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