Recto leads FIRB’s historic review of P50 billion investments

February 16, 2025 | 12:00am

MANILA, Philippines — Finance Secretary and Fiscal Incentives Review Board chair Ralph Recto led the 25th FIRB board Meeting on Feb. 12, marking the first time the board has evaluated investment projects exceeding P50 billion.

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

Recto said this milestone reflects growing investor confidence in the country’s economic landscape.

“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,” Recto said

The FIRB, a Cabinet-level interagency body, conducted the evaluation in line with its authority under Section 301 of the Tax Code, as amended, to recommend high-value projects for presidential approval.

The meeting also took place ahead of the anticipated signing of the CREATE MORE Act’s Implementing Rules and Regulations on Feb. 17.

The measure is expected to enhance the country’s investment incentives framework, ensuring a more transparent and efficient approval process for large-scale projects.

“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, all while upholding fiscal prudence, transparency, and accountability,” Recto said.

Trade Secretary and FIRB co-chair Cristina Roque and Secretary Frederick Go of the Office of the Special Assistant to the President for Investment and Economic Affairs joined the FIRB board meeting.

Also present were representatives from the Department of Budget and Management and the National Economic and Development Authority.