đź“·Special Assistant to the President for Investment and Economic Affairs Frederick Go
Special Assistant to the President for Investment and Economic Affairs Frederick Go asserts that the recently enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act (CREATE MORE or RA 12066) will provide significant benefits not only to large businesses but also to ordinary Filipinos.
Echoing President Ferdinand Marcos Jr.’s remarks during the signing ceremony of the law at Malacañang last Monday, November 11, Go expressed confidence that CREATE MORE has the potential to generate new job opportunities and stimulate economic growth. This legislation aims to enhance the country’s tax incentives regime, making it more competitive and appealing to both domestic and international investors.
Go noted that even at this early stage, major foreign investors have already shown interest in investing capital in the Philippines due to this new law. He stated, “The passage of CREATE MORE has sparked considerable interest from both foreign and domestic direct investors, particularly large-scale ones. This is our primary tool for positioning the Philippines as an attractive investment destination. We are currently in discussions regarding sectors such as electronics, steel, offshore wind, renewable energy, and shipbuilding.”
He added that interest is coming from various countries, including Korea, China, Japan, Australia, Britain, and the United States. “Australia is particularly focused on renewable energy and solar initiatives,” he mentioned.
Go is recognized as a key government official who has championed CREATE MORE from its inception in congressional discussions to its current status as law. The timing of this law is crucial for providing more employment opportunities for Filipinos.
Data from the Philippine Statistics Authority (PSA) showed that the unemployment rate eased to 3.7 percent in September from 4.0 percent in August and 4.5 percent in the same month last year.
The latest figures equate to 1.89 million unemployed Filipinos, a decrease of 177,000 compared to August’s 2.07 million and 370,000 fewer than the 2.26 million recorded in September 2023.
The overall labor force participation rate (LFPR) rose to 65.7 percent, up from 64.0 percent a year ago. This increase included an additional 1.8 million Filipinos entering the workforce, largely among those of prime working age (up by 1.1 million) and women (up by 1.2 million).
Go is optimistic that 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. (ROSE NOVENARIO)
