Interests of American investors for the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) grew after it was passed into law this year.
The Department of Trade and Industry (DTI) said the CREATE law is one of the most-awaited reform efforts of the business sector from the government.
In the past months, the Board of Investments (BOI) has received interest from US investors in the sectors of infrastructure, telecommunications, artificial intelligence, and manufacturing, Trade Undersecretary Ceferino Rodolfo said.
“It took us two years (to pass the CREATE), but it’s all worth the wait,” said Rodolfo, who is also the managing head of the BOI.
The CREATE law lowers corporate income tax rate from 30 percent to 25 percent, while providing performance-based, targeted, and time-bound fiscal incentives to investors.
The second package of the comprehensive tax reform program can attract more investments from the US as the US government pivots to a more resilient supply chain by adding manufacturing bases in other parts of the world.