The Fiscal Incentives Review Board (FIRB) has so far approved and granted incentives to 14 big-ticket projects with a combined investment capital of P405 billion, according to a recently released report.
According to The FIRB Imprint, the quarterly newsletter of the FIRB, the Secretariat received 15 tax incentives applications as of June 30, 2022, of which 14 were approved.
“These projects are expected to generate about 4,000 direct jobs in the cement manufacturing, construction of mass housing units, shipbuilding, rail operations and communications infrastructures industries,” the Department of Finance (DOF) said in a Facebook post yesterday.
“With most projects located outside the National Capital Region, the projects are also seen to boost rural development in the country,” the DOF added.
According to the FIRB report, P151 billion of the estimated total investment capital is accounted for by high-speed broadband services, while P78.2 billion is for the telecommunications infrastructure of three telco companies.
Meanwhile, P10.3 billion is accounted for by the manufacture of steel bars in San Simon, Pampanga; P3.1 billion by a cement manufacturing company in Porac, Pampanga; P17 billion for an industrial zone operator with activities in support of exporters in Subic, Zambales; P81 billion for the rail operations of a subway in Makati; P3.2 billion for a motor vehicle manufacturing company in Santa Rosa, Laguna; P24.9 billion for a cement manufacturing company in Calatagan, Batangas; P24.3 billion for a hybrid liquefied natural gas import facility/terminal in Batangas City; P1.3 billion for a mass housing developer in Leganes, Iloilo; P1.5 billion for a water transport vessel company in Cebu City; and P10 billion for a cement manufacturing company in Davao del Sur.
“Through its constructive implementation of the CREATE Act (Corporate Recovery and Tax Incentives for Enterprises Act), the FIRB envisions an even more compelling and promising fiscal incentives regime that would bring in quality investment opportunities into the country and allow the economy to flourish and recover,” the report said.
