The CREATE MORE Act: A Major Step in the Philippines' Drive to Become a Tech Leader in Southeast Asia

On November 11, 2024, Philippine President Ferdinand ‘Bongbong’ Marcos Jr. signed the CREATE MORE Act into law, marking a major step toward revitalizing the nation’s economy.

Philippine President Ferdinand Marcos Jr. signed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act into law on Friday, November 11.

The CREATE MORE Act aims to make the Philippines more attractive to tech investors. Donald Lim, chairman of the Blockchain Council of the Philippines, expressed optimism about the Act's potential impact on the tech sector, particularly blockchain.

The Philippines is offering competitive tax benefits compared to other ASEAN countries, making it an appealing option for tech companies looking to expand in the region.

The CREATE MORE Act is expected to boost the creation of new job opportunities in the tech sector and contribute to the development of local skills in emerging technologies.

The law is seen as a significant step toward positioning the Philippines as a regional leader in blockchain, artificial intelligence (AI), and other emerging tech fields.

Marcos Jr. hailed the passage of the CREATE MORE Act, highlighting its role in attracting high-value investments and advancing the country's economic recovery.

The CREATE MORE Act builds on the previous Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, further enhancing the Philippines' attractiveness for investment.