The Fiscal Incentives Review Board (FIRB) has approved the tax incentives of 25 projects with a total investment capital of P287.9 billion since the beginning of the administration’s term, finance secretary Benjamin Diokno said.
In a press conference late Friday, Diokno said these projects are expected to generate around 24,617 jobs in telecommunication, data centers, manufacturing, infrastructure, tourism, hospitals, mass housing, energy and information technology and business process management.
“Some of the biggest activities include nationwide energy projects by Enovate Motors Corp. (P16 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), and telecommunications infrastructure in multiple locations by Unity Digital Infrastructure (P147 billion) and LBS Digital Infrastructure Corp. (P36 billion),” Diokno said.
According to the DOF, the estimated total incentives granted for all these projects is less than P30 billion.
Meanwhile, during the same briefing, the finance chief highlighted the recently concluded state visit to Malaysia which included the signing of key agreements with Philippine and Malaysian businesses, spanning various sectors such as agriculture, construction, infrastructure, manufacturing and water and wastewater treatment operations.
Memorandums of Understanding and Letters of Intent were signed between Philippine businesses and Malaysian businesses Farm Fresh, Capital A, Bandar Herbat Builders, Chin Hin Group Berhad and One Ocean Environment.
The total investment commitment generated during the Malaysia trip is estimated at $285 million. Angela Celis
