CREATE Law Bags Over PHP1-T investments

A total of 910 projects with combined investments worth over Php1.02 trillion have been approved under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act as of end-October last year.

CREATE establishes a performance-based, time-bound, targeted, and transparent tax incentives regime in the country. I Photo: Department of Finance

The Department of Finance (DOF) said these projects vary across priority sectors listed in the Strategic Investment Priority Plan (SIPP).

CREATE establishes a performance-based, time-bound, targeted, and transparent tax incentives regime in the country. Incentivized projects or activities under the key structural tax reform aim to achieve performance metrics to ensure that the grant of fiscal support to Registered Business Enterprises leads to higher economic returns.

"This monumental achievement is a testament to the continuous efforts of the PBBM administration to promote the Philippines as a sound investment destination," the department said.

The DOF noted that of the 910 projects, 49 big-ticket tax incentive applications with a combined investment capital of PHP 817 billion were approved by the Fiscal Incentives Review Board, while the remaining 861 projects with a total investment capital of PHP 203 billion were from Investment Promotion Agencies.

“These projects are expected to accumulate a committed employment count of around 99,400 jobs within their incentivized period, with the labor-intensive manufacturing sector having the highest number of approved projects among the priority sectors,” the DOF added.

“This underscores the employability of the country’s workforce in high-quality jobs that will contribute to long-term economic growth,” it emphasized.

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