FIRB grants tax incentives for 25 projects in telco, data centers

Lady Vicencio, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A cellular site tower in Caloocan City on August 06, 2020. Jonathan Cellona, ABS-CBN News/File." src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/09/09/20200806-cell-tower-caloocan-jc-4202.jpg"/><figcaption>A cellular site tower in Caloocan City on August 06, 2020. <em>Jonathan Cellona, ABS-CBN News/File.</em></figcaption></figure></div><p>MANILA - Finance Secretary Benjamin Diokno announced that the Fiscal Incentives Review Board has approved tax incentives for 25 projects.<br/> <br/>Companies that secured the incentives are engaged in telecommunications, data center, manufacturing, tourism, hospital, energy, and mass housing, the Finance chief said in a briefing.<br/> <br/>The DOF projects about P29 billion of foregone revenue for the government from the incentives, but the projects are expected to bring in about P287 billion in investment capital.<br/> <br/>Diokno mentioned that the projects would also generate 24,600 jobs in these sectors.<br/> <br/>National Economic and Development Authority Secretary Arsenio Balisacan reiterated the need to generate more quality jobs for Filipinos.<br/> <br/>“As I keep on saying, what we need is more quality jobs. Not just jobs. We need investments in all the major sectors of the economy particularly in industry, manufacturing,” Balisacan said.<br/> <br/>Meanwhile, Diokno described President Ferdinand Marcos Jr.’s state visit in Malaysia as “short but productive,” securing about $285 million worth of investment pledges.<br/> <br/>The finance chief shared plans for partnerships and trade investments including in the halal industry. Dairy farms, processing, and manufacturing facilities are soon to rise in Pampanga, Laguna and Batangas.<br/> <br/>But Diokno noted to attract more investors in the country, investors are looking for lower cost of power and ease of doing business in the country.<br/> <br/>“If you want to set up a power plant, 65 permits. From LGU to governors. We’re trying to streamline operations,” Diokno said.<br/> <br/><strong>RELATED VIDEO</strong></p><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/PPpmozOlWks?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><div> </div>

Finance Secretary Benjamin Diokno announced that the Fiscal Incentives Review Board has approved tax incentives for 25 projects.

FIRB grants tax incentives for 25 projects in telco, data centers | ABS-CBN

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FIRB grants tax incentives for 25 projects in telco, data centers

FIRB grants tax incentives for 25 projects in telco, data centers

Lady Vicencio,

ABS-CBN News

Published Jul 31, 2023 02:00 AM PHT

Read More:

DPF

Department of Finance

FIRB

Fiscal Incentives Review Board

telco

tax incentives

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