MANILA – More than 900 projects with total investments of PHP1.02 trillion have so far been approved under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act as of end-October last year, the Department of Finance (DOF) said on Thursday.
In a Facebook post, the DOF said a total of 910 projects varying across priority sectors listed in the Strategic Investment Priority Plan (SIPP) have been approved under the CREATE law.
"This monumental achievement is a testament to the continuous efforts of the PBBM administration to promote the Philippines as a sound investment destination," the department said.
Of the 910 projects, 49 big-ticket tax incentive applications with a combined investment capital of PHP817 billion were approved by the Fiscal Incentives Review Board.
The remaining 861 projects with a total investment capital of PHP203 billion were from Investment Promotion Agencies.
"These projects are expected to accumulate a committed employment count of around 99,400 jobs within its incentivized period, with the labor-intensive manufacturing sector having the highest number of approved projects among the priority sectors," the DOF added.
"This underscores the employability of the country’s workforce in high-quality jobs that will contribute to long-term economic growth.”
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 fiscal support to Registered Business Enterprises leads to higher economic returns. (PNA)
