New law to create more jobs - Escudero

As President Marcos is expected to sign today a law that will lower corporate taxes and offer tax incentives to businesses, Senate President Francis Escudero expressed optimism of an influx of new investors, creating more new jobs in the country.

- CECILLE SUERTE FELIPE

Escudero said the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act will simplify and streamline the value-added tax provisions of Republic Act 11534, particularly on the processing of VAT refund claims and the VAT zero-rating on local purchases.

"Create More seeks to encourage more investors to come to the Philippines by providing a more predictable and sustainable playing field," Escudero said.

Marcos is set to sign into law the Create More Act, a priority legislation of the administration meant to spur economic growth in the country.