Finance Secretary Ralph Recto speaks at the 4th Philippine-Singapore Business and Investment Summit on Sept. 19, 2024 at Shangri-La, Singapore.Finance Secretary Ralph Recto assured Singaporean investors that the much-anticipated enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy will make doing business in the Philippines smoother.
Showcasing the Philippines’ more open and liberalized investment landscape, Recto said the CREATE MORE bill, which is expected to be passed within the year, would enhance both fiscal and non-fiscal incentives, resolve key investor concerns and respond to emerging global developments. The bill also directly addresses investors’ concerns about value-added tax by exempting export-oriented enterprises from paying it.
Under the enhanced deductions regime, registered business enterprises will enjoy a 5-percent reduction in corporate income taxes, from 25 percent to 20 percent.