FIRB Evaluates PHP 50 Billion Investment Projects

Finance Secretary and Fiscal Incentives Review Board (FIRB) Chair Ralph G. Recto led the 25th FIRB Board Meeting on February 12, 2025, marking the first evaluation of projects exceeding PHP 50 billion in investment capital.

The projects focus on advanced manufacturing of multi-layer ceramic capacitors for the automotive sector and the production and assembly of electric vehicles and components for public and private transport.

The Cabinet-level interagency body conducted a comprehensive evaluation of these projects under Section 301 of the Tax Code, recommending them for Presidential approval.

“This milestone sends a strong signal of investor confidence in the Philippines,” Secretary Recto said. “It is proof that investors in high-impact industries are taking notice of us as a leading investment destination.”

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 on February 17, 2025, is expected to strengthen the country’s incentives framework.

“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 added.

Secretary Recto was joined by Trade Secretary and FIRB Co-Chair Ma. Cristina Aldeguer-Roque and Secretary Frederick D. Go of the Office of the Special Assistant to the President for Investment and Economic Affairs during the meeting.

Also present were Undersecretary Joselito R. Basilio, representing the Department of Budget and Management, and Undersecretary Joseph J. Capuno, representing the National Economic and Development Authority.