RA 11534 (with PDF): CREATE Law to help corporations

CREATE bill was signed into law by President Rodrigo Duterte and vetoed some provisions on March 26, 2021. The CREATE Law or Corporate Recovery and Tax Incentives for Enterprises is a fiscal relief and recovery measure for Filipino Businesses affected by the pandemic which will reduce corporate income tax from 30 percent to 25 percent for corporations, and 20 percent for micro, small and medium enterprises.

The Covid19 pandemic made corporations lose a lot of money and the CREATE law will definitely help them bounce back and recover. A lot of corporations closed and a lot of people lost their job because of the unexpected surge of viruses throughout the world. There are a lot of business incentives not only in our country but also from other countries like the US and its stimulus package that aid small to medium businesses to rebuild their businesses.

This is a priority bill of the president last year so that our economy will cope up with the economic downfall that our economy is facing. Aside from the recovery package that the government is offering the CREATE law will do wonders not only for big businesses in Metro Manila Areas but also businesses from the province.

RA 11534 PDF: Create Law

According to Albay Representative Joey Salceda, the Chairman of the House Committee on Ways and Means that the maximum length of incentives for less developed, disaster recovering areas to 22 years, among the most generous in Asia. These cuts will certainly help in a major way.

There are 9 provisions in the law that the president vetoed because it entails the starting point of corruptions, and also some provision is not necessarily needed. Slowly but surely we will expect the economic growth to at least maintain its steady flow. Soon we will expect to revert to the normal economic growth that we have been enjoying since the pandemic began. 

The incentives also allow investment opportunities to prosper in our country so that investors from other countries will continue to invest in necessary businesses that our working force will need not only for career development but also for income stability. We know how hard life had been since we are hit by the pandemic, labor force is starting to go back to their provinces because establishments are closed. Some people resort to begging in the streets for lack of food and a job.

We will have to take first the problem of the surging virus and hope all is well so that Corporations can continue with their businesses and with the help of the CREATE law our economy will bloom again. Then, we hope the next administration will continue to do a great job for our economy so that we can have a positive outcome in the years to come.

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