BIG-TICKET investments approved under the Corporate Recovery and Tax Incentives for Enterprises Act have topped P1 trillion, the Department of Finance said.The P1.1 trillion in investments are expected to generate over 142,294 new jobs for Filipinos, the DoF said in a Facebook post.The Fiscal Incentives Review Board approved 56 applications worth a combined P873.9 billion and expected to create 38,304 jobs while investment promotion agencies approved 1,102 applications totaling P263.
The FIRB in February raised the investment capital threshold for projects handled by IPAs to P15 billion, aiming to improve the ease of doing business and attract more investments.IPAs previously approved incentives for projects under P1 billion while the FIRB handled those over P1 billion, in accordance with the Create Law. The change aligned with congressional proposals to give IPAs more authority in granting incentives.
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Big-ticket investments under CREATE hit P1.14 trillionThe government has approved 1,158 projects worth P1.14 trillion three years since the enactment of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, data from the Department of Finance (DOF) showed.
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