Manila: President Ferdinand R. Marcos Jr. on Monday signed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act to promote the Philippines as a prime investment destination. CREATE MORE Act or Republic Act (RA) 12066, signed by Marcos in a ceremony at Malacañan Palace in Manila, builds on the economic reforms introduced under the CREATE law by making the country's tax incentives regime more globally competitive, investment-friendly, predictable, and accountable. According to Philippines News Agency, the signing of RA 12066 signifies the administration's commitment to empowering the business sector and enhancing their growth prospects. President Marcos emphasized the importance of the business sector's role in shaping the law, highlighting that their feedback was essential in crafting policies that make the country competitive on the global stage. The new law aims to foster a climate where businesses can flourish and contribute me aningfully to the Philippine economy. Under the CREATE MORE Act, tax incentives availment is extended by 10 years, and registered business enterprises (RBEs) will benefit from a reduced corporate income tax rate of 20 percent. The law also provides a 100-percent additional deduction on power expenses and streamlines the value-added tax (VAT) refund process. The CREATE MORE law introduces reforms such as the rationalization of incentives-related processes and simplifies local taxation. It strengthens the mandates of the Fiscal Incentives Review Board and investment promotion agencies. The law institutionalizes flexible work arrangements for RBEs operating in economic zones. The passage of the CREATE MORE Act is aligned with the Marcos administration's 8-point socioeconomic agenda. Lawmakers praised the measure for its potential to stimulate economic growth by attracting foreign direct investments (FDIs). Senator Sherwin Gatchalian noted that the law would lead to better employment opportunities and stronger domestic consumption. Senate President Francis Escudero highlighted the law's role in providing a more predictable investment climate. House Speaker Martin Romualdez pointed out that revisions to the law were necessary to address ambiguities regarding tax incentives. The CREATE MORE Act aims to clear up confusion and resolve issues in the implementation of the original legislation. Senator Juan Miguel Zubiri, the principal author of RA 12066, expressed that the new law is expected to cut bureaucratic red tape and improve the process of VAT refunds, benefiting major locators in the country. The enactment of the CREATE MORE Act is anticipated to attract new investors and encourage existing ones to expand their investments. (With a report from Wilnard Bacelonia/Filane Cervantes/Leonel Abasola/PNA)