FIRB approves P20.9B in tax subsidy applications – BusinessWorld Online
GOVERNMENT institutions have obtained approvals for P20.9 billion worth of tax subsidies from the Fiscal Incentives Review Board (FIRB), the Department of Finance (DoF) reported.
In a statement on Sunday, the DoF said an FIRB technical committee approved 10 applications covering the years 2024 and 2025, as of May 21.
“This move is in line with President Ferdinand R. Marcos, Jr.’s commitment to delivering more responsive public services. These tax subsidies will help accelerate and expand the services of government agencies for the people,” Finance Secretary Ralph G. Recto said.
The DoF said tax subsidies allow the National Government to cover taxes and duties of public institutions to allow them to “focus on delivering better services to the people.”
For 2025, the Manila International Airport Authority had the highest approved tax subsidies of P7.5 billion, followed by the National Power Corp. with P6 billion.
Also obtaining approvals were the Philippine Deposit Insurance Corp. with P4.5 billion and National Transmission Commission P2 billion.
Also approved were the Armed Forces of the Philippines Commissary and Exchange Service (P305 million), Bureau of the Treasury (P223 million), and the University of the Philippines National Institute of Physics (P6.6 million).
Meanwhile, last year, the Treasury and AFPCES obtained P223.2 million and P58.5 million in tax subsidies, respectively.
The FIRB is the inter-agency government body authorized to approve tax subsidies for state-run firms, government instrumentalities, government commissaries, and state universities and colleges.
This incentives are intended to support public institutions in fulfilling their missions without being burdened by tax obligations. — Aubrey Rose A. Inosante