MANILA, Philippines – The Senate approved and ratified the bicameral conference committee report on a measure seeking to amend the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy, otherwise known as the CREATE MORE bill.
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At the chamber’s Tuesday plenary session, Sen. Sherwin Gatchalian–sponsor of the measure–stood before his colleagues to present the highlights of the conference committee report.
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“The Senate and House panels met and discussed to work out a reconciled version of our respective bills. We have come up with a piece of legislation that seeks to promote a more attractive investment climate by improving our tax incentives framework for registered business enterprises,” said Gatchalian.
According to Gatchalian, the measure aims to clarify and streamline existing rules and policies concerning the granting and administration of fiscal incentives, ensuring that the Philippines remains a competitive destination for foreign direct investments.
“The CREATE MORE Bill stands as a testament to our commitment to addressing our country’s evolving needs. It is not merely an update of policies, it is about creating a more dynamic future, a future that is more responsive, more supportive, and more capable of fostering growth and innovation for the Filipino people,” he added.
The measure now only needs the signature of the President for it to become law.
The House of Representatives on Tuesday likewise ratified and adopted the bicameral conference committee report on the disagreeing provisions of the lower and upper chamber’s version of the CREATE MORE bill.