00:00Thank you, Mr. President.
00:14We have taken a decisive step towards our vision of a globally competitive and investment-led
00:20Philippine economy.
00:21The signing of the corporate recovery and tax intensives for enterprise to maximize
00:28opportunities for reinvigorating the economy – a bit of a mouthful, so we'll just
00:33refer to it as the Create More Act – is a resounding testament of our commitment to
00:39make the Philippines the destination of choice for investments.
00:44Through this law, we seek to attract both domestic – and this is an important point
00:48– both domestic and global investments, focusing on strategic industries that will
00:54shape our future.
00:56Create More sets the stage for a business landscape that empowers our enterprises and
01:03enhances their growth prospects.
01:05By building on the reforms initiated through the Create Act, we have enhanced our tax regime,
01:13incentive framework, and making it more inviting for investment, while remaining steadfast
01:19in the principles of fiscal prudence and stability.
01:24Create More clarifies the rules of availment of VAT and duty incentives, and further extends
01:30its coverage to include non-registered exporters and high-value domestic market enterprises.
01:38Create More expands the enhanced deductions regime, offering greater tax relief to RBEs.
01:46Key benefits include the reduction in the income tax rate to 20 percent from 25 percent,
01:52a doubling of additional deductions on power expenses, which will significantly cut costs
01:57for the manufacturing sector, and an additional 50 percent deduction for tourism reinvestments
02:04and trade fair expenses.
02:06Likewise, this law provides tax or duty exemption on donations of capital equipment, raw materials,
02:14spare parts, or accessories to the government and GOCCs, TESDA, state universities and colleges,
02:22and DEPED or CHED-accredited schools as well.
02:26Create More refines our incentive structure, empowering us to remain competitive and agile
02:32in the face of emerging global shifts.
02:36It provides flexibility in the grant of fiscal and non-fiscal incentives, offering registered
02:43businesses the option to directly avail of the special corporate income tax rate, or
02:49the enhanced deductions regime, at the start of commercial operations.
02:55In recognition of emerging work arrangements globally, this legislation also provides RBEs
03:01the flexibility to implement work-from-home arrangements for up to half of their workforce,
03:07all without jeopardizing their eligibility for incentives.
03:11By doing this, we position the Philippines as a forward-thinking, agile economy, one
03:17that is ready to meet the demands of the digital age.
03:21As we open new doors of opportunity, we drive businesses to reinvest their capital, build
03:27upon the workforce, and initiate a ripple effect that will be felt across generations.
03:34This will not be possible without the expertise of our legislators who work tirelessly to
03:40refine Create More's provisions and to ensure its timely passage.
03:45We cannot emphasize enough the important role of the business sector in shaping this law.
03:52Your feedback has been essential in our efforts to craft policies that make our country truly
03:58competitive on the global stage.
04:01Create More is tangible proof that we hear and respond to the voices of the business
04:07community.
04:08This reaffirms our commitment to work hand-in-hand with enterprise, continually seeking avenues
04:15to make your investments grow and prosper.
04:18To our investors and development partners, let this be our pledge.
04:22The Bagong Pilipinas continues to foster an economy where businesses and investments remain
04:29at the heart of our progressive development.
04:32Maraming maraming salamat sa ating mga legislator, maraming maraming salamat sa ating mga private
04:38sector stakeholders, maraming salamat sa lahat ng mga ekspeto na nagbigay ng kanilang
04:44panahon at nagtrabaho upang maipasan natin itong napakahalaga na batas na ito.
04:51Maraming salamat at mabuhay ang Bagong Pilipinas.
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