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Manila Bulletin devider Business devider FIRB grants tax incentives for 45 projects

FIRB grants tax incentives for 45 projects

Published Oct 25, 2023 02:26 am

At A Glance

  • The Fiscal Incentives Review Board (FIRB) has approved tax incentives for 45 projects, with a combined investment capital of P721.3 billion. These projects are categorized as "big-ticket" and come from various Registered Business Enterprises (RBEs).<br>The Department of Finance (DOF) said these approved projects are expected to create 31,421 job opportunities, primarily in capital-intensive industries.<br>As of July 2023, a total of 752 projects have been approved by Investment Promotion Agencies (IPAs), with an investment capital of P175.67 billion and 49,170 committed jobs.<br>Under the CREATE Act, a total of 797 projects have been approved, resulting in a total investment capital of P896.95 billion and 80,591 committed jobs.<br>Six FIRB-approved projects have achieved a 96.88 percent employment commitment rate, employing 683 individuals.<br>Five FIRB-approved projects have reported actual investment figures, totaling P24.76 billion, representing 67.14 percent of the committed investments for those projects.<br>The FIRB follows a comprehensive evaluation and impact analysis system to ensure that fiscal incentives benefit the people and the economy.<br>Benefits of the incentives include job creation, innovation, capital infusion, and adoption of advanced technology.

The Department of Finance (DOF) has reported that the application for tax incentives for 45 projects, with a combined investment capital of P721.3 billion, has been approved by the Fiscal Incentives Review Board (FIRB).

In a statement on Wednesday, Oct. 25, the DOF said these projects are categorized as "big-ticket" and come from various Registered Business Enterprises (RBEs).

“The approved investment projects are expected to create 31,421 job opportunities, primarily in capital-intensive industries such as information and telecommunications infrastructure, transportation, manufacturing, and real estate projects,” the DOF said.

Additionally, various Investment Promotion Agencies (IPAs) have approved a total of 752 projects, with an investment capital of P175.67 billion and 49,170 committed jobs, as of July 2023.

“In total, 797 projects have already been approved under the CREATE [Corporate Recovery and Tax Incentives for Enterprises] Act, resulting in a total investment capital of P896.95 billion and 80,591 committed jobs for the Filipinos,” the DOF said.

“These committed jobs offer long-term job security and career growth prospects, as opposed to seasonal or contractual work, which generally lacks security of tenure and offers limited opportunities for career advancement,” it added.

With regard to actual performance, DOF said six FIRB-approved projects have achieved a 96.88 percent employment commitment rate, with a total of 683 employees.

“This high accomplishment rate underscores the readiness and employability of the country’s workforce,” the DOF said.

Meanwhile, in terms of investment capital, five FIRB-approved projects have reported actual figures, amounting to P24.76 billion. This represents 67.14 percent of the P36.88 billion committed investments for the five projects.

Before granting incentives to RBEs, the FIRB follows a comprehensive evaluation and impact analysis system to ensure that the fiscal support provided by the government to private enterprises results in significant benefits for both the people and the economy.

These benefits include the creation of new employment opportunities, fostering innovation, infusing capital into the economy, and promoting the adoption of advanced technology.

By implementing this rigorous evaluation framework, the FIRB strives to maximize the positive impact of the incentives on various stakeholders.

Related Tags

Department of Finance (DOF) Tax incentives CREATE Act Fiscal Incentives Review Board (FIRB)
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