FIRB approves tax perks for P29-B projects

The Fiscal Incentives Review Board has approved the grant of tax incentives for a mass housing project and two cement manufacturing plants all located outside Metro Manila.

The FIRB approved the grant of a four-year income tax holiday plus duty exemptions on importations of capital equipment and raw materials to the Iloilo housing project. Socioeconomic Planning Secretary Karl Kendrick Chua underscored the importance of introducing new technologies in cement manufacturing to lower costs and increase the competitiveness of local production when the Board approved these two projects.

The project is also intended to address one-percent of the housing backlog in Western Visayas, based on data from the Philippine Statistics Authority, she added. “The projected net benefits of the investment are driven by the locally sourced capital equipment and raw materials as well as the income taxes that the government will potentially collect from the estimated job creation of the project,” Danofrata said.

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