The total investment capital from projects approved under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act has reached P1.02 trillion as of October 2023, the Department of Finance (DOF) said.
In a social media post, the DOF said this milestone also gained P572.98 billion worth of foreign direct investment pledges, with 910 CREATE-approved projects varying across priority sectors listed in the Strategic Investment Priority Plan.
Of these 910 projects, 49 big-ticket tax incentive applications with a combined investment capital of P817 billion were approved by the Fiscal Incentives Review Board, while the remaining 861 projects collectively representing an investment capital of P203 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.
“This underscores the employability of the country’s workforce in high-quality jobs that will contribute to long-term economic growth,” the DOF said.
The finance department highlighted that CREATE continues to play a crucial role in positioning the country as a global investment hub.
“As 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 are to achieve performance metrics to ensure that the grant of fiscal support to Registered Business Enterprises leads to higher economic returns,” the DOF said.
