Understanding CREATE MORE: A Guide for Businesses in the Philippines

The Philippines stands on the brink of a new economic chapter, as President Ferdinand R. Marcos Jr. is about to sign the CREATE MORE Bill into law. This landmark legislation, championed by Senate President Francis Escudero, promises to transform the nation’s business climate, creating a fertile ground for investments and a thriving domestic workforce. Escudero, speaking at the 13th Arangkada Philippines Forum, underscored the bill’s game-changing potential to invigorate economic activity and lure investors to Philippine shores. After months of collaborative refinement, the CREATE MORE Bill is poised to bring enduring benefits to Filipino workers and communities, with Escudero predicting its near-certain approval.

Once signed into law, the CREATE MORE Bill will not just be another policy; it’ll be a vision for a stronger, more resilient economy. By reducing the corporate income tax to 20 percent and eliminating VAT on essential services, the bill directly addresses key issues hindering investment and expansion in the country. This decisive action sends a clear message to investors: the Philippines is serious about becoming a premier destination for business.

With a fair, predictable playing field, the Philippines can offer foreign investors the stability they seek while granting Filipino workers more opportunities right at home, helping to curb the exodus of skilled talent abroad. CREATE MORE Bill empowers local government units to shape regional prosperity by setting their own competitive local tax rates for registered business enterprises—aligning the ambitions of both local and national stakeholders.

The CREATE MORE Bill doesn’t just aim to attract businesses; it offers practical, far-reaching advantages that could reshape the economic landscape for generations. The reduced tax rates mean lower costs for businesses, freeing up resources for reinvestment into local operations, skills training, and job creation. Essential service providers, who are often burdened with heavy tax loads, will see relief through the VAT exemptions, ultimately lowering consumer costs and expanding access to crucial services. Additionally, by granting LGUs the flexibility to set lower local tax rates, CREATE MORE will enable regions to tailor their economic strategies, stimulating growth in previously underserved areas.

With CREATE MORE Bill, the Philippines stands to gain more than just immediate economic boosts; it gains a model for sustainable development that puts Filipino talent, resources, and communities at the forefront. Through a more attractive investment climate, the CREATE MORE Bill positions the country as a top choice for global and local enterprises alike—sparking a new era of growth, prosperity, and economic independence.

Let us Guide you Through these Changes!

Babylon2k helps these businesses adapt to the CREATE MORE Bill, making them compliant to handle the complications of tax filing and adapting to new regulations. Utilizing our expertise in accounting and tax ensures that your business remains compliant while minimizing disruption to your operations.

Whether you’re a small business, a growing startup, or a company reliant on digital platforms, Babylon2k provides tailored solutions to meet your business’s needs. Each service is designed to simplify the tax process for you. Each service has a corresponding code (e.g., 110010, 110040), and some of our many services under tax and accounting are:

AA0020 – RETAINER – ACCTG OF TAX ACCOUNTS PLUS FILING (BIR, SSS, PHIC, HDMF) W/O BOOKKEEPING
AA0040 – REVIEW OF TAX ACCOUNTS + FILING (BIR) W/ BOOKKEEPING
GG0140 – TAX COMPLIANCE REVIEW

Additionally, Babylon2k’s B.E.T.H. can help you when you need more information and clarification on how this law affects your business.

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When you’re ready to start, simply sign in or request a quote and enter the relevant service code(s) to ensure we can connect you with the perfect Babylon2k specialist.