MANILA - Finance Secretary Benjamin Diokno announced that the Fiscal Incentives Review Board has approved tax incentives for 25 projects.

Companies that secured the incentives are engaged in telecommunications, data center, manufacturing, tourism, hospital, energy, and mass housing, the Finance chief said in a briefing.

The DOF projects about P29 billion of foregone revenue for the government from the incentives, but the projects are expected to bring in about P287 billion in investment capital.

Diokno mentioned that the projects would also generate 24,600 jobs in these sectors.

National Economic and Development Authority Secretary Arsenio Balisacan reiterated the need to generate more quality jobs for Filipinos.

“As I keep on saying, what we need is more quality jobs. Not just jobs. We need investments in all the major sectors of the economy particularly in industry, manufacturing,” Balisacan said.

Meanwhile, Diokno described President Ferdinand Marcos Jr.’s state visit in Malaysia as “short but productive,” securing about $285 million worth of investment pledges.

The finance chief shared plans for partnerships and trade investments including in the halal industry. Dairy farms, processing, and manufacturing facilities are soon to rise in Pampanga, Laguna and Batangas.

But Diokno noted to attract more investors in the country, investors are looking for lower cost of power and ease of doing business in the country.

“If you want to set up a power plant, 65 permits. From LGU to governors. We’re trying to streamline operations,” Diokno said.

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