Government agencies have signed the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

The IRR, signed by Finance Secretary and FIRB Chair Ralph Recto and Department of Trade and Industry (DTI) Secretary and FIRB Vice-Chair Ma. Cristina Roque, aims to clarify and streamline the law’s implementation.

The IRR provides clearer guidelines on tax incentives for pre-CREATE registered business enterprises (RBEs) and addresses investor concerns about value-added tax (VAT) zero-rating certificates. It also outlines the role of the Fiscal and Incentives Review Board (FIRB) in conducting impact evaluations to guide the grant of incentives for highly desirable projects.

The signing ceremony was attended by Senator Sherwin Gatchalian, FIRB Board Members including Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go, and National Economic and Development Authority Secretary Arsenio Balisacan, along with officials from various investment promotion agencies.

Finance Secretary Recto emphasized that the Philippines is ready to compete in the global market, offering stability and dependable economic policies to attract and retain investments.