PROPERTY consultant Colliers said the proposed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act now pending President Marcos’ signature provides for “greater regulatory stability and transparency” that makes the country a viable destination for foreign investors.
The bill, amending the original CREATE Law, one of the measures marked as “top priority” by the Legislative—Executive Development Advisory Council, recently passed the bicameral committee meeting after both the Senate and House of Representatives signed on their version of the proposed law.
For one, Colliers said, in the Senate’s version of CREATE MORE, registered business enterprises (RBEs) may be allowed up to 50 percent work-from-home arrangements, as allowed by their respective investment promotions agency (IPA).
Colliers said the 50 percent work-from-home arrangement will affect the office market, especially the information technology-business process management sector.
Colliers said firms that have applied for the Philippine Economic Zone Authority and Board of Investments (BOI) paper transfer in 2023 may now require their employees to return to office to continue enjoying their incentives.
“Once this provision is enacted, RBEs that have reduced office footprint may now need to take up office space again to fulfill the onsite work requirement set by their respective IPA,” it said.
“Firms registered under BOI, which has not set a minimum requirement on onsite work, may now be required to have a physical office to house at least 50 percent of their workforce,” Colliers added.
