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Manila Bulletin devider Business devider Banking & Finance devider FIRB approves ₱21 billion in tax relief for gov't institutions

FIRB approves ₱21 billion in tax relief for gov't institutions

Published Jun 9, 2025 12:00 am  |  Updated Jun 7, 2025 02:23 pm

The Fiscal Incentives Review Board (FIRB) has approved nearly ₱21 billion in tax subsidies requested by 10 government institutions, exempting these agencies from paying taxes and duties.

As of May 21, the FIRB, chaired by Finance Secretary Ralph G. Recto, has approved ₱20.9 billion in tax subsidy applications for the fiscal years (FY) 2024 and 2025. The Department of Finance (DOF) stated that these approvals aim to make public services "more accessible and efficient for Filipinos."

Recto also said that this decision aligns with President Ferdinand Marcos Jr.’s "commitment to delivering more responsive public services." He added, "This tax subsidy will help to expedite and expand the services of government agencies for the people."

According to the Special Allotment Release Order (SARO), all approved agencies have fully utilized their tax subsidies in previous fiscal years.

For 2024, the government approved tax subsidies for key agencies, including ₱7.5 billion for the Manila International Airport Authority (MIAA), ₱6 billion for the National Power Corporation (NPC), ₱4.5 billion for the Philippine Deposit Insurance Corporation (PDIC), and ₱2 billion for the National Transmission Commission (TransCo).

Also included were the Armed Forces of the Philippines Commissary and Exchange Service (AFPCES) with ₱305 million, the Bureau of the Treasury (BTr) with ₱223 million, and the University of the Philippines (UP) National Institute of Physics with ₱6.6 million.

For 2025, the BTR has also been granted tax subsidies amounting to ₱223.2 million and AFPCES with ₱58.5 million.

Government agencies whose tax subsidy applications have been approved will no longer have to pay taxes and duties for the covered fiscal years.

This approach would enable the agencies to “focus their resources on delivering better and more efficient public services,” the DOF said.

The FIRB is authorized by law to approve tax subsidy applications of government-owned and controlled corporations (GOCCs), government instrumentalities, government commissaries, and state universities and colleges (SUCs) to support public institutions in fulfilling their missions without being burdened by tax obligations.

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Fiscal Incentives Review Board (FIRB)
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