ALBAY Representative Joey Salceda, a key architect of the CREATE MORE Act, has hailed the signing of the measure into law by President Ferdinand Marcos Jr., calling it a “game changer” for the Philippine economy and Filipino workers.
“I thank President Marcos for signing this measure, and for directly guiding the legislative process with his insights from the global business community,” Salceda said in a statement.
“If you think deeply about it, CREATE MORE is the largest pro-labor legislation in recent memory.”
Salceda highlighted several key provisions of the law, emphasizing its potential to boost employment and improve the lives of Filipino workers:
Increased Labor Demand: CREATE MORE encourages investments, which in turn increases the demand for labor, ultimately leading to sustainable higher wages.
Reduced Power Costs: The law establishes a double deduction for power expenses for businesses under the enhanced deduction regime, addressing the issue of high power costs that has hindered foreign direct investments.
Enhanced Bargaining Power: By attracting foreign investors, particularly in export industries, the law increases the bargaining power of Filipino workers, who often face limited wage options from domestic players.
Higher Wages: Foreign investors, especially in export industries, tend to pay significantly higher wages, as much as 47 percent higher than the average employee elsewhere.
Work from Home Rights: The law enshrines the right to work from home in the export service sector, especially the BPO sector, ensuring that companies with work-from-home schemes remain eligible for tax incentives.
Salceda also pointed to the significant job creation potential of the law. “This measure will directly create at least 142,000 high-quality jobs in the first three years and indirectly induce the creation of some 860,000 indirect jobs,” he said.
Looking ahead, Salceda expressed his commitment to further reforms in the capital markets, including a portable, sustainably-funded Corporate Pension scheme for private sector employees.
He indicated that he is working with Senator Gatchalian on amendments to the Tax Code and is hopeful that the provision will be included in the Capital Market Efficiency Promotion Act (CMEPA).
“This is a major victory for Filipino workers and the Philippine economy,” Salceda concluded.
“We are confident that CREATE MORE will lead to a brighter future for our country.”
