The Fiscal Incentives Review Board (FIRB) has put up its Fiscal Incentives Registration and Monitoring System (FIRMS) as one of the major accomplishments of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act since it was signed into law last year by President Duterte, according to Finance Assistant Secretary …Read More »

The Fiscal Incentives Review Board (FIRB), upon the endorsement of the Subic Bay Metropolitan Authority (SBMA), has approved the grant of tax incentives to Project AGILA for the redevelopment and operations of the Hanjin shipyard in the Subic Bay freeport zone. This project is funded by United States (US)-based private …Read More »

Finance Assistant Secretary Juvy Danofrata has reiterated that the Fiscal Incentives Review Board (FIRB) had allowed the work-from-home (WFH) setup for registered business enterprises (RBEs) only as a time-bound temporary measure to address the work constraints arising from the strict lockdowns or mobility restrictions that were imposed nationwide at the …Read More »

The Fiscal Incentives Review Board (FIRB) Secretariat has reported that the amount of budgetary support investment promotion agencies (IPAs) received from the national government in the last five years has totaled a whopping P58 billion. In 2021 alone, the funds received by the IPAs from the government amounted to about P5.07 billion. The recipient …Read More »

The reconstituted Fiscal Incentives Review Board (FIRB) approved in 2021 the grant of tax incentives to five big-ticket projects with a combined investment capital of P119.5 billion, of which four are located outside Metro Manila. Finance Assistant Secretary Juvy Danofrata, who heads the FIRB Secretariat, said that the five projects …Read More »

The Department of Finance (DOF) clarifies that Information Technology Business Process Management (IT-BPM) companies in ecozones and are registered with investment promotion agencies (IPA) are free to adopt work from home office arrangements. “IT-BPM companies in ecozones are allowed to adopt WFH arrangements”, Finance Secretary Carlos Dominguez III said. “No …Read More »

The Fiscal Incentives Review Board (FIRB) approved the tax incentives for the operations of a proposed P1.5-billion Cebu City-based shipping vessel, specializing in roll on roll off (RoRo) passenger and cargo operations. The grant includes four years of income tax holiday, five years of enhanced deductions, and 11 years of …Read More »

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). The SIPP will serve as the primary basis for determining which projects or activities are eligible …Read More »

In sync with the government’s strategy to safely reopen the economy and stimulate business revival in the country, the Fiscal Incentives Review Board (FIRB) has upheld FIRB Resolution No. 19-21, allowing the work-from-home (WFH) arrangement not exceeding 90 percent of the total workforce of registered Information Technology-Business Process Management (IT-BPM) …Read More »

In recent reports to the Fiscal Incentives Review Board (FIRB), investment promotion agencies (IPAs) identified the COVID-19 pandemic, high costs of doing business, and foreign equity restrictions in the Philippines as the main barriers to foreign investments in the country, among others, according to Finance Assistant Secretary and FIRB Secretariat …Read More »