CREATE MORE approval to accelerate Phl entry to upper middle-income status

The passage of the proposed amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act is seen speeding up the country's move to upper middle-income status, according to the Philippine Economic Zone Authority (PEZA).

- LOUELLA DESIDERIO

In a statement, PEZA director general Tereso Panga said President Marcos has included the CREATE to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill as one of the administration's priority legislative proposals.

"This will accelerate our country's bid to graduate to upper middle-income economy as we position the Philippines as the smart investment choice in the region," Panga said.

National Economic and Development Authority Secretary Arsenio Balisacan said the country is expected to achieve upper middle-income status by next year if the economy grows by at least six percent this year and sustains a robust economic performance next year.

Data released by the World Bank earlier this month showed the Philippines remained a lower middle-income country with its gross national income (GNI) per capita of $4,230 in 2023.