MANILA - The Fiscal Incentives Review Board has released a total of P58 billion in budgetary support for investment promotion agencies (IPAs) from 2017 to 2021, the Finance Department said Monday.

In 2021 alone, the funds received by IPAs from the government totaled P5.07 billion, the DOF said in a statement.

“This report only shows that the Philippine government has always been supportive of our IPAs in their operations and investment promotion efforts," Finace Secretary Carlos Dominguez said.

“It is only right that they [IPAs] maximize the budgetary support they get from the national government, and translate their efforts into attracting more economically stimulating and productive foreign investments, especially in this time of the pandemic, that would create jobs and supercharge our economy," he added.

In the last 5 years, the Bases Conversion and Development Authority (BCDA) group has received the largest budgetary support at P7.47 billion combined, the DOF said.

The BCDA group includes the Clark Development Corporation (CDC), the John Hay Management Corporation (JHMC), and the Poro Point Management Corporation (PPMC).

Meanwhile, the Philippine Economic Zone (PEZA) and the PHIVIDEC Industrial Authority (PIA) were excluded from the list of recipients since the two agencies are self-sufficient, the DOF said.

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