FIRB Approves Tax Incentives to 25 Projects in the Philippines
The Fiscal Incentives Review Board (FIRB), an interagency body with the power to offer tax incentives to registered business enterprises, has authorized tax incentives for 25 projects.
Department of Finance (DOF) Secretary Benjamin Diokno noted in his weekly press chat, “Since the beginning of the PBBM administration to today, the FIRB has approved 25 projects worth a total investment capital of 287.9 billion pesos.”
According to Diokno, these are anticipated to create about 24,617 jobs across various industries, including manufacturing, infrastructure, tourism, hospitals, mass housing, and information technology-business process management (IT-BPM).
Some of the largest activities include the nationwide energy projects by Enovate Motors Corporation with ₱16.0 billion and Century Summit Carrier ₱15.8 billion, data center projects by Evolution Data Centres Philippines ₱9.7 billion, and Digital Edge Philippines ₱5.4 billion.
Other large-scale activities include the LBS Digital Infrastructure Corporation’s ₱6 billion and Unity Digital Infrastructure’s ₱147 billion multi-location telecommunications infrastructure.
The FIRB is authorized to supervise the approval of incentives for projects with investment values amounting to more than ₱1 billion each.
On the other hand, the FIRB has delegated to the country’s investment promotion agencies the grant of tax incentives for registered projects or activities with investment capital worth ₱1 billion and below.