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The Fiscal Incentives Review Board approved tax incentives for 25 projects worth P287.9 billion
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Finance Secretary Benjamin Diokno says these projects will generate some 25,000 jobs
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Approved projects include telecommunications, data centers, manufacturing, infrastructure, tourism, hospitals, mass housing, energy, and IT-BPM
The Fiscal Incentives Review Board (FIRB) has approved P288 billion worth of tax incentives for 25 projects since the start of President Ferdinand R. Marcos Jr.’s term.
The review board is mandated to oversee the grant of incentives for projects with investment value of more than P1 billion each.
“Since the beginning of the PBBM administration [until] today, the FIRB has approved 25 projects worth a total investment capital of P287.9 billion,” Finance Secretary Benjamin Diokno said on Friday, July 28.
Diokno said the projects are expected to generate 24,617 jobs in telecommunications, data centers, manufacturing, infrastructure, tourism, hospitals, mass housing, energy and information technology-business process management (IT-BPM).
These include nationwide energy projects by Enovate Motors Corp. (P16.0 billion) and Century Summit Carrier (P15.8 billion), data center projects by Evolution Data Centres Philippines (P9.7 billion) and Digital Edge Philippines (P5.4 billion).
Other big projects include telecommunications infrastructure in multiple locations by Unity Digital Infrastructure (P147 billion) and LBS Digital Infrastructure Corp. (P36 billion).
Pursuant to Republic Act 11534, or the Corporate Recovery and Tax Incentives for Enterprises (CREATE Act), the powers and functions of FIRB are enhanced as part of its oversight mandate.
RELATED READ: Newly signed CREATE Act cuts corporate tax, exempts COVID-19 vaccine imports from duties
For registered projects or activities with invested capital worth P1 billion and below, the FIRB has delegated to the country’s investment promotion agencies the grant of tax incentives.
Meanwhile, the finance chief bared details of the recently concluded state visit to Malaysia, including the signing key agreements with Philippine and Malaysian businesses spanning various sectors such as agriculture, construction, infrastructure, manufacturing, and water and wastewater treatment operations.
