Bangsamoro Economic Zone Authority led by Executive Director Atty. Sukarno Abas warmly welcomes the signing of Republic Act No. 12066, otherwise known as Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act on Nov. 14, 2024. (photo courtesy of BEZA)
COTABATO CITY — Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) is set for economic expansion with the implementation of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, signed by President Ferdinand Marcos Jr. on Nov. 14, 2024.
Through its Bangsamoro Economic Zone Authority (BEZA), BARMM welcomes the signing of Republic Act No. 12066, known as the CREATE MORE Act, which is expected to create a more vibrant and competitive business environment within BARMM.
BEZA Executive Director Atty. Sukarno Abas said that this Act aims to unlock the region’s vast economic potential.
“[The Act] seeks to attract domestic and foreign investments, specifically in sectors that contribute to the country’s economic development and generate employment opportunities for its citizens,” Abas mentioned.
Accordingly, the anticipated influx of investment and job creation will contribute significantly to improving the lives of BARMM residents and strengthening the region’s overall economic standing.
“This law is expected to boost our economy, making it more dynamic, competitive, and forward-thinking within ecozones and ultimately benefiting BARMM’s economic landscape,” he added.
The BEZA has been extensively engaged in the crafting of the CREATE MORE Act and its Implementing Rules and Regulations (IRR).
“Through its sustained efforts, BEZA helped ensure that the law would provide critical incentives for investment, create jobs, and promote inclusive economic growth in the Bangsamoro region,” Abas pointed out.
The CREATE MORE Act is a game-changer for businesses in the region. It introduces several key provisions that directly benefit BARMM businesses, making it an attractive investment destination.
“With the CREATE MORE Act in place, we look forward to a new chapter of progress, innovation, and cooperation that will improve the regional economy and uplift the lives of all Bangsamoro people,” he shared.
The Act is expected to lower business costs, promote entrepreneurship, and ultimately lead to increased job creation and economic growth across the region. (Johaira Sahidala/BIO)
