The Philippines CREATE Act Comes into Effect, Pushing for Accelerated Economic Recovery The Philippines CREATE Act Comes into Effect, Pushing for Accelerated Economic Recovery April 16, 2021 Posted by ASEAN Briefing Written by Lisa Prodent Reading Time: 4 minutes The CREATE Act is a time-bound and tailor-made set of corporate and tax reforms to counter the effects of COVID-19 on the Philippines’ economy. The Act reduces the financial burden on foreign and domestic companies through various tax incentives. Through the CREATE Act, the government hopes to increase the country’s investment appeal and better compete with its ASEAN counterparts. The Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act), was passed into law on March 26 this year. The Act’s purpose is to grant tax relief for companies in financial need, provide transparent tax provisions, and further increase the competitiveness of the Philippines. The Act is part of corporate fiscal reforms undertaken by the country since 2019. The CREATE Act still needs to be officially published to take effect.