Headline: CREATE MORE Act Promises Economic Growth and Job Opportunities in the Philippines
MANILA — In a significant stride toward revitalizing the Philippine economy, the recently enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, or Republic Act (RA) 12066, is set to benefit not just large enterprises but also ordinary Filipinos. Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick Go announced on Tuesday that this landmark legislation could catalyze job creation and economic growth within the country.
A Game Changer for Investment in the Philippines
This week, Frederick Go highlighted the CREATE MORE Act’s pivotal role in attracting domestic and foreign investment while providing a hopeful outlook for job seekers across the nation. With the law’s signing, Go noted an uptick in interest from major foreign investors keen on injecting capital into the Philippine market.
“The passage of CREATE MORE has sparked considerable interest from both foreign and domestic direct investors, particularly large-scale ones,” Go stated. "This is our primary tool for positioning the Philippines as an attractive investment destination."
Key sectors under discussion with potential investors include:
- Electronics
- Steel production
- Offshore wind energy
- Renewable energy initiatives
- Shipbuilding
Go disclosed that interest is coming from various countries such as Korea, China, Japan, Australia, Britain, and the United States. "Australia, in particular, is focusing on renewable energy and solar initiatives," he added, indicating a strong trend toward sustainable and green technologies in investment strategies.
The Timing is Right
As the country continues to struggle economically in the wake of the COVID-19 pandemic, the timing of the CREATE MORE Act’s implementation is crucial. Go emphasized that enhancing the Philippines’ tax incentive regime would make the nation more competitive globally, further enticing international investors.
The reduction in the unemployment rate, which has dropped from 4.5% last year to 3.7% as of September 2023, adds to the urgency of this legislation. This improvement has also resulted in a substantial rise in the labor force participation rate, now at 65.7%, indicating that more Filipinos are actively seeking employment.
"With the anticipated impact of CREATE MORE on employment, Filipinos can look forward to securing better-paying jobs that will help them support their families,” Go remarked.
Wider Economic Impacts
The CREATE MORE Act is a strategic effort to reinvigorate the economy, particularly in sectors heavily reliant on technological advancements. The emphasis on attracting tech-oriented industries not only aims to create immediate job opportunities but also to foster innovation and sustainability. As foreign investments flow in, the technology landscape in the Philippines could see transformative changes, impacting everything from manufacturing processes to renewable energy solutions.
Context and Potential
By positioning the Philippines as a competitive player in the global investment arena, the CREATE MORE Act aligns with similar legislative movements in other Southeast Asian countries that have successfully attracted foreign direct investment (FDI). This could translate into the following benefits for the technology sector:
- Increased job creation: As foreign companies set up operations, they will need skilled labor, particularly in e-commerce, tech support, and engineering.
- Professional development: Collaborations with international firms could provide training opportunities for local workers, enhancing their skill sets.
- Innovation and growth: With more investment comes a greater emphasis on research and development, leading to innovative solutions tailored for the local market.
Engage with Us
As the Philippines embraces the CREATE MORE Act, the ripple effects on both large enterprises and ordinary Filipinos may reshape the economic landscape for years to come. As technology enthusiasts and professionals, how do you foresee the development of these sectors in light of this new legislation?
Share your thoughts and engage with our community as we continue to explore the implications of CREATE MORE and its potential to transform the Philippine economy.
For a deeper dive into similar legislative efforts influencing global markets, check out our articles on TechCrunch and The Verge.
This article is aimed at informing tech professionals and enthusiasts about the newly enacted CREATE MORE Act and its potential implications for the economic landscape in the Philippines. Stay tuned for updates and more insights on how policy changes impact the tech industry and the general public.
