FIRB starts assessing projects beyond P50B By Reine Juvierre S. Alberto
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HE Fiscal Incentives Review Board (FIRB) has assessed projects with investment capital of more than P50 billion as the Philippines aims to attract more investments. In a statement, the Department of Finance said the FIRB, chaired by Finance Secretary Ralph G. Recto, held its 25th board meeting and evaluated projects for the first time. The projects are involved in the automotive sector, such as the advanced manufacturing of multilayer ceramic capacitors
(MLCC) and the production and assembly of electric vehicles (EVs) and their components for public and private transport. “This milestone sends a strong signal of investor confidence in the Philippines. It is proof that investors in high-impact industries are taking notice of us as a leading investment destination,” Secretary Recto said. The FIRB, a Cabinet-level interagency body, has the authority to recommend highly desirable projects for Presidential approval under Section 301 of the Tax Code, as amended. “With CREATE MORE in place, we expect to generate more investments in the country that
drive job creation and innovation across industries under the Strategic Investment Priority Plan [SIPP], all while upholding fiscal prudence, transparency, and accountability,” the Finance chief added. The government is also banking on the anticipated signing of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act’s Implementing Rules and Regulations (IRR) on February 17, 2025. The law is seen to strengthen the country’s incentives framework, providing a transparent and efficient approval process
for large-scale investments while enhancing the tax incentives package, according to the DOF. “CREATE MORE will not only attract more investors to establish roots in the Philippines, but also ensure that they stay, grow, and find every reason to expand in the country,” Recto said. FIRB grants tax incentives to registered business enterprises and registered projects or activities with investment capital of P1 billion and below. The FIRB also grants tax subsidies to government-owned and -controlled corporations (GOCCs). Business enterprises registered with the investment
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JAN-NOV EXTERNAL DEBT SERVICE LOAD HITS $15.7B T
By Andrea E. San Juan @andreasanjuan
HE Philippines’s external debt service burden (DSB) rose to $15.735 billion as of the end of November 2024, exceeding 2023’s full-year DSB of $14.807 billion. The full-year DSB for 2023 had marked the first time the debt service burden breached $10 billion since 1985, data from the Bangko Sentral ng Pilipinas (BSP) showed. Total foreign principal and interest payments increased by 13.96 percent in January to November 2024 from the $13.808 billion recorded in the same period in 2023. Principal of the total debt service burden reached $8.390 billion, higher by 12.91 percent from the $7.431 billion posted in the same period a year ago. Meanwhile, interest payments also recorded a double-digit increase. During the 11-month period, Interest owed amounted to $7.345 billion, up by 15.18 percent year-on-year from $6.377 billion. In terms of ratios, that of DSB to export shipments went up by 30.9 percent in the 11-month period from 27.1 percent in the same period in 2023. DSB ratio to exports of goods, and receipts from services and primary income settled at 11.5 percent in January to November 2024, higher than the 10.5 percent in 2023. The DSB to Gross Domestic Product (GDP) ratio increased to 3.9 percent in the 11-month period this year from 3.5 percent last year. See “Jan-Nov,” A2
RAINBOW FROM RIDGE TO REEF A vibrant rainbow arches over Talisay Beach in Tubajon, Dinagat Islands, illuminating the pristine turquoise waters, powdery white sand, and lush palm trees. Nestled in the Caraga region, Dinagat Islands is known for its unspoiled beauty, rich marine biodiversity, and serene coastal landscapes. ERWIN MASCARIÑAS
TUCP SEEKS LOCSIN’S HELP FOR NEW UK DEAL FOR SEAFARERS By Samuel P. Medenilla
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HE country’s largest trade federation is pushing for the signing of a new bilateral labor agreement (BLA) to protect Filipino fishermen from exploitation in the United Kingdom (UK). Citing a 2023 Financial Times report, the Trade Union Congress of the Philippines (TUCP) said Filipinos were among the thousands of migrant fishermen denied proper labor protections by UK fishing operators by exploiting transit visa loopholes. “This transit visa loophole has perpetuated the cruel treatment
of Filipino fishers as disposable labor—working them nonstop, paying them little to nothing, and saddling them with recruitment debts in clear violation of ILO [International Labor Organization] Convention 188,” TUCP President Raymond Democrito C. Mendoza said. In its proposed new PhilippinesUK BLA, TUCP wants to “harmonize” Philippine and UK work contracts and extend labor protections to all migrant fishers, regardless of status. It also recommended making visa eligibility more accessible and affordable for Filipino fishers, and See “TUCP,” A2
Toll concessionaires back full shift to ETC on Mar 15 By Lorenz S. Marasigan
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HE Philippines’ toll concessionaires have collectively endorsed the government’s initiative to reimplement the Cashless/Contactless Toll Collection Policy, set to commence in March. This policy, formalized through Joint Memorandum Circular No. 2024-001 by the Department of Transportation (DOTr), Land Transportation Office (LTO), and Toll Regulatory Board (TRB), mandates the use of Electronic Toll Collection (ETC) systems across all expressways. On Saturday, the government announced that cashless/con-
tactless toll collection on major toll expressways will be re-implemented beginning March 15, following months of dry-run for the contactless transactions program. The TRB emphasized that toll expressway users are required to have a valid ETC device or Radio Frequency Identification (RFID) sticker installed on their vehicles. This move aims to optimize the use of all toll plazas through the ETC system. Motor vehicles without a valid ETC device/RFID sticker will be allowed entry into the toll lane/ plaza and will have an ETC device/RFID sticker installed upon passage. However, these vehicles
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PESO EXCHANGE RATES n US 58.2150 n JAPAN 0.3810 n UK 73.1646 n HK 7.4747 n CHINA 7.9857 n SINGAPORE 43.3502 n AUSTRALIA 36.7628 n EU 60.9220 n KOREA 0.0405 n SAUDI ARABIA 15.5219 Source: BSP (February 14, 2025)