NextGen Day

🏢 MANILA – The Fiscals Incentives Review Board (FIRB), the interagency body responsible for granting tax incentives to registered business enterprises, has approved 25 projects since President Ferdinand R. Marcos Jr.’s term began.

“Since the start of the PBBM administration until today, the FIRB has greenlit 25 projects with a total investment capital of 287.9 billion pesos,” announced Department of Finance (DOF) Secretary Benjamin Diokno during his weekly press chat.

These approved projects are expected to generate approximately 24,617 job opportunities in various sectors, including telecommunications, data centers, manufacturing, infrastructure, tourism, hospitals, mass housing, energy, and Information Technology-Business Process Management (IT-BPM).

Some of the notable projects include nationwide energy initiatives by Enovate Motors Corporation (PHP16.0 billion) and Century Summit Carrier (PHP15.8 billion), as well as data center projects by Evolution Data Centres Philippines (PHP9.7 billion) and Digital Edge Philippines (PHP5.4 billion).

The telecommunications infrastructure in multiple locations will also see significant investment from Unity Digital Infrastructure (PHP147 billion) and LBS Digital Infrastructure Corporation (PHP36 billion).

Under the Corporate Recovery and Tax Incentives for Enterprises (CREATE Act), as mandated by Republic Act (RA) 11534, the FIRB’s powers and functions have been enhanced to oversee the granting of incentives for projects with an investment value of over PHP1 billion each.

For projects or activities with an investment capital of PHP1 billion and below, tax incentives are granted to the country’s investment promotion agencies.

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