Business NEWS

The Fiscal Incentives Review Board (FIRB) revealed that the Philippine Economic Zone Authority (PEZA) is not tracking the inflow of actual investments made by its registered business enterprises (RBEs).

The government lost billions of pesos in power subsidies and tax incentives to now-defunct Hanjin Heavy Industries and Construction Philippines Inc. (HHIC-Phil), the Fiscal Incentives Review Board (FIRB) said.

The Fiscal Incentives Review Board (FIRB) has instructed all investment promotion agencies (IPAs) to submit a copy of the schedule of rates for their various services relating to the grant and administration of tax incentives.

Investors and enterprises can now access the Fiscal Incentives Registration and Monitoring System (FIRMS), an online registration where investors can monitor their submitted applications for tax incentives, the Department of Finance (DOF) said.

The Bureau of Internal Revenue (BIR) will monitor the compliance of outsourcing companies in economic zones with the onsite work policy of the Fiscal Incentives Review Board (FIRB), the Department of Finance (DOF) said.

The Fiscal Incentives Review Board (FIRB) has approved the grant of tax incentives to the P17-billion US-funded Project AGILA, which seeks to redevelop and operate the Hanjin shipyard in the Subic Bay freeport zone.

The Fiscal Incentives Review Board (FIRB) is not bowing down to pressure as the interagency body stood firm on its decision that the work-from-home (WFH) setup for registered information technology-business process outsourcing (IT-BPO) firms was only temporary.

The Fiscal Incentives Review Board (FIRB) is planning to set uniform charges on registered Philippine Offshore Gaming Operations (POGO) with the investment promotion agencies (IPAs).

“Work-from-home” or WFH is a term that gained popularity due to sheer necessity during the Covid-19 pandemic. But a former congressman in the current 18th Congress thinks that the proper term should be “work from anywhere” or WFA.

House Social Services Committee chair Quezon City Rep. Alfred Vargas is pushing for the adoption of work-from-home (WFH) setups amid the effects of the Covid-19 pandemic and the fuel crisis.

The Fiscal Incentives Review Board (FIRB) has approved the tax incentives for a P1.5-billion Cebu-based roll on roll off (RoRo) operator that aims to help modernize the shipping industry and increase competition.

The Fiscal Incentives Review Board (FIRB) is supporting the proposal on the Strategic Investment Priority Plan (SIPP) by the Board of Investments (BOI), an attached agency of the Department of Trade and Industry (DTI).

Former Makati City Representative Monsour Del Rosario on Thursday called on the Fiscal Incentives Review Board (FIRB) to reconsider its decision to push through with its order for Business Process Outsourcing (BPO) and Information Technology (IT) companies to resume on-site work starting April 1.

The Department of Finance (DOF) said the return of information technology-business process management (IT-BPM) employees to on-site work would benefit local micro, small, and medium enterprises (MSMEs).

FIRB identifies 3 barriers to foreign investments

The inter-agency Fiscal Incentives Review Board (FIRB) has approved the grant of tax incentives to a P10-billion cement manufacturing project of San Miguel Equity Investments, Inc., the Department of Finance (DOF) announced.

The Fiscal Incentives Review Board (FIRB) has approved the grant of tax incentives for the builder of the Makati City Subway, the Department of Finance (DOF) announced.

Information Technology Business Process Management (IT-BPM) enterprises in economic zones may implement a work-from-home (WFH) arrangement until the end of the first quarter next year, the Fiscal Incentives Review Board (FIRB) approved. Based on the FIRB Resolution No. 19-21, IT-BPM enterprises located within economic zones are allowed to adopt 90-percent WFH up to March 31, 2022 due to the ongoing COVID-19 pandemic.