The total approved investments under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act have reached P1.27 trillion as of June 2024, according to the Department of Finance (DOF).
In a social media post, the DOF said the total committed investment capital is composed of 1,239 approved applications.
These projects are expected to generate 159,486 jobs.
Of the total projects, 57 big-ticket applications with a combined investment capital of P953.06 billion were approved by the Fiscal Incentives Review Board (FIRB).
The expected job generation from the FIRB-approved projects is 39,854.
Meanwhile, the remaining 1,182 projects collectively representing an investment capital of P313.32 billion were from Investment Promotion Agencies.
According to the DOF, 119,632 jobs are expected from these approved applications.
In his State of the Nation Address, the President highlighted that the rationalized incentives scheme under the CREATE Act has made possible the generation of investments amounting to more than P1 trillion, and more than a hundred thousand new jobs.
“This promising state of affairs is now beckoning us to create more – through the passage of the CREATE MORE (Maximize Opportunities for Reinvigorating the Economy) Act,” the President said.
The CREATE MORE is said to be an improved version of the CREATE Law that expands and refines fiscal and non-fiscal incentives; clarifies the rules and policies on the grant and administration of incentives and addresses key issues affecting the country’s investment climate.
