PH looking to woo foreign investors after CREATE MORE IRR signing

The Philippines hopes to attract more foreign investors from countries starting with South Korea, after economic officials on Monday signed the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

According to Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go, economic officials are set to conduct several roadshows in South Korea, the United States, Japan, Europe, the Middle East, and China.

“The next step after this IRR signing, of course, is to let the world know about CREATE MORE so together with our friends from the DTI [Department of Trade and Industry] and the BOI [Board of Investments],” he told reporters in an interview in Manila.

“We will ensure that they fully understand how this measure will lower their costs thereby boosting their business which will result to us boosting our own economy and securing jobs and opportunities for Filipinos,” he added.

Go said the roadshows are expected to start in March with South Korea, which he described as a “responsive market,” and home to a major player in the semiconductor industry that is set to be the first big-ticket investment after the IRR signing.

After South Korea, Go said economic officials will be inviting prospective investors in the US to expand their presence in the Philippines.

“Based on all expectations, these companies will continue to expand and will need to continue building capacity so they can open factories anywhere in the world, why not in the Philippines? I guess it’s our job to entice them that when they think expansion, they think of the Philippines,” he said.

The administration is also looking to attract investors from China, even amid the tensions regarding its ownership claims on Philippine territory.

“I think there are a lot of investors there who are looking for opportunities outside their own country, so I think it’s worth it to pitch to them,” Go said.

“I think the Chinese domestic economy has not been very good and they have been looking for new markets, so I think there’s a good opportunity to pitch to them,” he added.

This comes as Fiscal Incentives Review Board (FIRB) chair and Finance Secretary Ralph Recto and FIRB co-chair and Trade Secretary Ma. Cristina Aldeguer on Monday signed the IRR of CREATE MORE, which was enacted in November 2024.

The IRR seeks to clarify and refine provisions of CREATE MORE, including transitory rules for pre-CREATE registered business enterprises to continue enjoying previously granted tax incentives.

It also addresses investor concerns regarding the issuance of the value-added tax (VAT) zero-rating certificate by providing detailed guidelines on eligibility and compliance criteria and clarifying the certificate’s covered period.

The IRR also prohibits double registration of projects, preventing redundant incentives, and ensuring responsible fiscal management.

“[W]e are ready to compete. We are a dependable economic ally. We offer stability amid uncertainty. And yes—we are Trump 2.0-ready,” Recto said.

“On the part of the government, we are committed to making CREATE MORE not just a tool to attract more investments—but a magnet to keep them here, grow them here, and give every reason for investors to place their trust in the Philippines. Again and again,” he added. — BM, GMA Integrated News