CREATE to spur knowledge-based industries—DOF

Published February 15, 2021, 1:10 PM The soon-to-be enacted Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) will strengthen the culture of research, development, and innovation in the country, the Department of Finance (DOF) said. Finance Secretary Carlos G. Dominguez III said that CREATE has the tool to promote a regime that rewards innovation and the creation of new knowledge while opening numerous doors of opportunities for the Philippines. Finance Secretary Carlos G. Dominguez III Dominguez said that CREATE, once enacted, will prioritize industries that make use of the knowledge economy in their activities. “The COVID-19 pandemic has magnified the need for us to rapidly modernize our processes and transition to the New Economy,” Dominguez said during the launching of Kwoledge, Innovation, and Science Technology (KIST) park in Batangas State University (BatStateU).