FIRB grants perks to 14 projects worth P405 billion

MANILA, Philippines — The Cabinet-level Fiscal Incentives Review Board (FIRB) has approved 14 projects worth P405 billion since its creation last year following the enactment of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law.

According to FIRB, it has granted incentives to 14 big-ticket projects with a combined investment capital of P405 billion, which is expected to generate some 4,000 direct jobs. Approved applications are from August last year up to June this year.

The projects are involved in cement and steel bars manufacturing activities, construction of mass housing units, shipbuilding, rail operations of a subway, water transport vessel, storage of liquefied natural gas, and communications infrastructure.

The FIRB said most projects are located outside Metro Manila.

Of the projects, the biggest is for the establishment of connectivity facilities for high-speed broadband services of Converge ICT Solutions Inc. worth P151 billion.

This is followed by the P81-billion Makati Subway project, which is set to begin operations by 2026 and is expected to contribute to the development of the capital’s transport system.

There is also a combined P78.2-billion telecommunications infrastructure project of three telco firms in multiple locations.

Other projects are in Pampanga, Zambales, Laguna, Batangas, Iloilo, Cebu, Davao del Sur.

The FIRB said it is looking forward to more compelling and promising fiscal incentives regime that would bring quality investment opportunities into the country and allow the economy to recover.

Pursuant to the CREATE Act, the FIRB is mandated to oversee the grant and administration of incentives of investment promotion agencies (IPAs).

Under the law, IPAs approve the incentives of projects below P1 billion, while the FIRB selects the tax perks for business activities above P1 billion.