The Department of Trade and Industry’s two main investment promotion agencies logged P718 billion worth of projects in 2021 generating 77,520 jobs.
DTI in its 2021 report said the figures were culled from the Board of Investments (BOI) and the Philippines Economic Zone Authority (PEZA).
PEZA data is only up to November 2021.
Just eight months into the effectivity on April 2021 of the Corporate Recovery and Tax Incentives for Enterprises, the DTI said the BOI registered P468 billion with the Fiscal Incentives Review Board (FIRB) approving P110 billion.
The FIRB is the interagency government body given the authority to grant tax incentives to registered business enterprises with investment capital of more than P1 billion.
Those numbers highlight the signifcance of CREATE which is the largest fiscal stimulus for businesses in the country’s recent history. It is estimated to provide private enterprises more than P1 trillion worth of tax relief over the next 10 years with micro, small and small enterprises as the biggest beneficiaries through the grant of the largest ever corporate income tax rate reduction in the country, from 30 percent to 20 percent. Large corporations also enjoy an immediate reduction in the corporate income tax rate from 30 to 25 percent.
The report also said the Philippine net foreign direct investments as of the third quarter rose 43.8 percent to $7.3 billion, with its average rank the past five years at fourth among Asean economies.
Other highlights of the 2021 performance of the DTI were in business registration, totaling 859,772 of which 775,746.
