MANILA, Philippines — A bicameral conference committee approved on Tuesday Congress' final version of the bill on the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create MORE). Albay 2nd District Rep. Joey Salceda, chairman of the House of Representatives' Committee on Ways and Means, said that "CREATE MORE builds on the progress achieved by the CREATE Act and responds to emerging developments in the global economy." "It's also a big win for manufacturing. We solve their VAT issues, which cost some 120,000 jobs over the past 3 years. We also address the country's high power cost with the additional or enhanced deduction on power cost, basically making power cheaper by around 3 pesos per kwh for manufacturing", Salceda said. VAT stands for value-added tax. "The global environment has also changed rapidly since the enactment of CREATE, particularly in three key areas: the rapid decline of China as the global manufacturing hub, the introduction of the global minimum corporate tax, and the increase in global commodity prices, particularly fuel due to ongoing world conflicts. In this regard, we cannot afford to bungle our tax treatment of investors", Salceda said. The bill "sustains the President's very strong pro-investment record, and could cement his legacy as the President who fixed manufacturing", the lawmaker said. The final version of the bill must first be ratified by both chambers of Congress before it could be sent to President Ferdinand Marcos Jr. for approval.