The CREATE MORE Act, recently signed into law, is expected to significantly impact employment in the Philippines by providing tax incentives to businesses. The law aims to stimulate economic growth and create more job opportunities, aligning with the government's goal of inclusive growth. While the November 2024 Labor Force Survey showed positive results with an increase in the employment rate and a decrease in the unemployment rate, the Department of Labor and Employment (Dole) acknowledges the ongoing challenges of technological disruptions and climate change. The CREATE MORE Act, alongside the Enterprise-based Education and Training Framework Act, seeks to address these vulnerabilities by encouraging workforce expansion and innovation.
THE Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act is poised to significantly affect employment in the Philippines, aligning with the administration’s broader goals of “inclusive growth and quality job” creation.
The CREATE MORE Act or Republic Act 12066, which was signed in November, is expected to generate additional income opportunities and foster economic growth by providing tax incentives to businesses so they can expand operations, invest in new ventures, and create more jobs. The country’s unemployment rate also saw improvements, dropping from 3.6 percent in November 2023 to 3.2 percent this year.
By leveraging tax incentives, RA 12066 seeks to address these vulnerabilities by encouraging businesses to prioritize workforce expansion and innovation.
EMPLOYMENT PHILIPPINE ECONOMY CREATE MORE ACT TAX INCENTIVES LABOR MARKET
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