Senator Win Gatchalian said he is confident that the economic benefits of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act will far outweigh any potential downside risks to the government’s revenue collection efforts.

The Bureau of Internal Revenue (BIR) had earlier expressed concerns about the potential impact of CREATE MORE on tax collection.

“CREATE MORE gives us a competitive advantage in attracting foreign direct investments. The economic benefits that we will generate from such investments will not only lead to job creation, but also increased export competitiveness and overall economic development, which would then lead to increased revenue collection for the government,” said Gatchalian, principal author and sponsor of the measure.

Republic Act 12066, also known as CREATE MORE was enacted into law in November last year and provides a more targeted set of incentives to attract more foreign direct investments into the country. 

“Sa pagkakaroon ng mas maraming pamumuhunan sa bansa, inaasahan ang pagdami ng trabaho na kalaunan ay magpapataas sa koleksyon ng buwis,” he reiterated.   

With the implementation of CREATE MORE, the government is hoping to bring back the country’s foreign direct investments to its level prior to the pandemic, he added. Foreign direct investments into the country inched up by 0.1 percent to reach $8.93 billion in 2024.