The Bases Conversion and Development Authority (BCDA) has expressed strong support for the newly enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, a measure that is expected to enhance Clark’s appeal as a prime business and investment destination in the Asia Pacific region.
Signed by President Ferdinand R. Marcos Jr. at Malacañan Palace on November 11, 2024, Republic Act (RA) 12066, or the CREATE MORE Act, aims to make the Philippines’ tax incentives more globally competitive. The law extends the maximum duration of tax incentives from 17 to 27 years, reduces the corporate income tax rate to 20 percent from 25 percent, and provides a 100-percent additional deduction on power expenses to support the manufacturing sector.
“This landmark law sends a powerful signal to global investors that the Philippines is open and ready for business. BCDA is committed to partnering with both public and private sectors to unlock the potential of Clark and other special economic zones, aligning with the national goal of becoming an upper middle-income country,” said BCDA President and CEO Engr. Joshua M. Bingcang, who attended the signing ceremony.
Clark’s development includes key assets like Clark International Airport, Clark Freeport Zone, and New Clark City—a 9,450-hectare greenfield site designed to be an inclusive, resilient, and sustainable smart city. This expansion forms part of Special Assistant to the President for Investment and Economic Affairs Frederick Go’s strategy to position the Philippines as a premier investment destination.
Japan’s Rating and Investment Information Inc. (R&I) recently upgraded the Philippines’ foreign currency issuer rating to “A-” with a stable outlook, citing stable growth prospects and rising national income. The Philippine economy, which grew by 5.2% in Q3, continues to be among the fastest expanding in the region.
The BCDA’s ongoing development of Clark aligns with the Marcos administration’s “Build Better More” initiative, which aims to ease congestion in Metro Manila and drive socioeconomic progress in Central and Northern Luzon.
