Finance Secretary and Fiscal Incentives Review Board (FIRB) Chair Ralph G. Recto led its 25th FIRB Board Meeting on February 12, 2025, marking the first time the board evaluated projects exceeding PHP 50 billion in investment capital.
The projects involve the advanced manufacturing of multi-layer ceramic capacitors (MLCC) for the automotive sector as well as the production and assembly of electric vehicles (EVs) and their components for public and private transport.
The Cabinet-level interagency body conducted a comprehensive evaluation of the said projects in line with its authority under Section 301 of the Tax Code, as amended, to recommend highly desirable projects for Presidential approval.
“This milestone sends a strong signal of investor confidence in the Philippines. It is proof that investors in high-impact industries are taking notice of us as a leading investment destination,” Secretary Recto said.
“With CREATE MORE in place, we expect to generate more investments in the country that drive job creation and innovation across industries under the Strategic Investment Priority Plan (SIPP), all while upholding fiscal prudence, transparency, and accountability,” he added.
The anticipated signing of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act’s Implementing Rules and Regulations (IRR) on February 17, 2025 is expected to strengthen the country’s incentives framework, ensuring a more transparent, efficient approval process for large-scale investments while enhancing the tax incentives package.
“CREATE MORE will not only attract more investors to establish roots in the Philippines, but also ensure that they stay, grow, and find every reason to expand in the country,” the Finance Chief said.
Secretary Recto was joined by Trade Secretary and FIRB Co-Chair Ma. Cristina Aldeguer-Roque and Secretary Frederick D. Go of the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) during the meeting.
Also present were Undersecretary Joselito R. Basilio, representing the Department of Budget and Management (DBM); and Undersecretary Joseph J. Capuno, representing the National Economic and Development Authority (NEDA).
