Senate approval of CREATE MORE expected next week

MANILA, Philippines —  The Senate is expected to approve its version of the bill that seeks to amend the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act next week, according to the economic czar.

Special Assistant to the President for Investment and Economic Affairs Frederick Go told reporters on the sidelines of the National Retail Conference and Expo that he has been working with the Senate to push for the approval of CREATE to Maximize Opportunities for Reinvigorating the Economy or the CREATE MORE bill.

“I can assure you that I have been working with them up to late nights and the latest now is they say they will try to pass it on Tuesday next week,” he said.

CREATE MORE is among the priority legislative measures identified by the Legislative-Executive Development Advisory Council for approval within the current Congress or by June next year.

The bill seeks to clarify the rules and policies on the administration of the fiscal incentives to provide a more stable investment climate that will attract new investors to come and encourage existing investors to stay in the country.

Go said  the CREATE MORE bill is expected to simplify and clarify the value-added tax (VAT) provisions that have become clouded by the previous laws.