MANILA: Big-ticket investments approved under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act has already reached more than PHP1 trillion as of April this year.
In a Facebook post on Friday, the Department of Finance (DOF) said these big-ticket projects are expected to generate 142,294 new jobs for Filipinos.
The DOF said the Fiscal Incentives Review Board (FIRB) has approved 56 applications, representing a total investment capital of PHP873.9 billion.
These are expected to generate 38,304 jobs.
“Meanwhile, the Investment Promotion Agencies (IPAs) have approved a total of 1,102 applications, with a combined committed investment capital of PHP263.7 billion,” the DOF said.
These are anticipated to create an additional 103,990 jobs.
CREATE establishes a performance-based, time-bound, targeted, and transparent tax incentives regime in the country.
Incentivized projects or activities under the key structural tax reform aim to achieve performance metrics to ensure that the grant of fis
cal support to registered business enterprises leads to higher economic returns.
Source: Philippines News Agency
