The event was graced by industry experts from the Department of Finance Revenue Operations Group, Assistant Secretary Dakila Elteen Napao, the Bureau of Internal Revenue Deputy Commissioner Atty. Larry Barcelo, the Philippine Economic Zone Authority Deputy Director General for Operations Ms. Vivian Santos, the Tax Management Association of the Philippines President Atty. Carina Laforteza, Continental Automotive ASEAN and GM for Calamba and GPCCI Board Director Mr. Peter Rankl. The panel discussion was also moderated by Du-Baladad and Associates (BDB Law) Founding Partner and Chairman Atty. Benedicta Du-Baladad. Their discussions revolved around the salient features of the law, the various revenue regulations issued on tax provisions, the streamlined process on incentives, and various concerns on the impact of CREATE MORE on the Philippine business landscape.
GPCCI Board Director and Policy and Advocacy Chairperson, Dr. Marian Majer, opened the event by emphasizing the Act’s potential to enhance the Philippines’ economic competitiveness, attract foreign investment, and support business growth.
Atty. Napao emphasized the government’s broader liberalization agenda, citing key reforms to the Retail Trade Liberalization Act, the Public Service Act, and the Foreign Investments Act. He affirmed that Registered Business Enterprises (RBEs) will continue to benefit from the CREATE MORE Act through a range of incentives, including tax exemptions, an expanded Enhanced Deductions Regime (EDR) with increased allowable deductions, a reduced 20% corporate income tax rate, and more flexible conditions for duty and VAT incentives. Additionally, RBEs may avail of a special RBELT rate of up to 2% of gross income during the Income Tax Holiday (ITH) and EDR periods. He further underscored the significance of ongoing, business-friendly reforms aimed at enhancing the country’s attractiveness to foreign investors.
Atty. Barcelo elaborated on the tax incentives under the Enhanced Deductions Regime (EDR) for Registered Business Enterprises (RBEs), including a reduced 20% income tax rate, VAT input deductions, and capped creditable withholding tax. He also noted the President’s authority to enter into Double Taxation Agreements and VAT incentives for export-oriented enterprises.
During the panel discussion, speakers addressed the Act’s implications for economic liberalization, investment attraction, and regulatory clarity. Atty. Napao emphasized the importance of leveraging past reforms and modernizing the tax code to align with global standards. Atty. Barcelo discussed the eight Revenue Regulations issued by the BIR and key considerations for VAT zero-rating and exemptions, particularly for B2B and B2C transactions. Each panelist gave emphasis on specific points asked and raised by the attendees during the discussion.
Assistant Secretary Dakila Elteen M. Napao reaffirmed the Department of Finance’s commitment to enhancing business policies and strengthening the Philippines’ appeal to foreign investors.
Deputy Commissioner Atty. Larry M. Barcelo emphasized the Bureau of Internal Revenue’s ongoing efforts to streamline the country’s tax system in line with the new provisions under the CREATE MORE Act. He also noted that the BIR is actively working to address long-standing issues related to VAT refund processing.
PEZA Deputy Director General Vivian Santos encouraged participants to fully leverage the incentives and benefits provided under the CREATE MORE Act, particularly for enterprises operating within economic zones.
TMAP President Atty. Carina C. Laforteza echoed this message, assuring attendees that businesses outside of economic zones can also access substantial incentives through the Board of Investments’ Strategic Investment Priority Plan (SIPP).
Mr. Peter Rankl, General Manager of Continental Automotive and President of Automotive ASEAN, acknowledged the value of the tax incentives under CREATE MORE. He emphasized the importance of aligning these reforms with broader government initiatives to improve the ease of doing business, thereby fostering greater investment and expansion opportunities in the country.
In closing, Mr. Yves Aguilos, GPCCI’s Head of Government Affairs and Data Protection Officer, reaffirmed the Chamber’s commitment to fostering dialogue on policy reforms. He emphasized that the CREATE MORE Act is a vital instrument for driving economic development, enhancing competitiveness, and supporting a more resilient Philippine economy.