House ratifies bill amending tax incentives

The House of Representatives approved the final version of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create MORE) bill.

The House ratified the bicameral conference committee report on the bill during plenary session Tuesday evening, after the bicameral panel approved the bill's final version earlier today.

Albay 2nd District Rep. Joey Salceda, chairman of the House Committee on Ways and Means, said in a statement that «CREATE MORE builds on the progress achieved by the CREATE Act and responds to emerging developments in the global economy.»

«It's also a big win for manufacturing. We solve their VAT issues, which cost some 120,000 jobs over the past 3 years. We also address the country's high power cost with the additional or enhanced deduction on power cost, basically making power cheaper by around 3 pesos per kwh for manufacturing», Salceda said.

VAT stands for value-added tax.