Circularizing Fiscal Incentives Review Board (FIRB) Resolution No. 003-24 Increasing the Investment Capital Threshold for Projects Delegated to Investment Promotion Agencies (IPAs) under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act

February 19, 2024 FIRB ADVISORY NO. 003-2024 FOR : All Investment Promotion Agencies (IPAs) and Other Government Agencies Administering Tax Incentives, Registered Business Enterprises (RBEs) and Other Registered Entities, and All Other Stakeholders Concerned SUBJECT : Circularizing Fiscal Incentives Review Board (FIRB) Resolution No. 003-24 Increasing the Investment Capital Threshold for Projects Delegated to Investment Promotion Agencies (IPAs) under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act This Advisory is issued to circularize FIRB Resolution No. 003-24 , which increased the investment capital threshold for projects delegated to the IPAs from PhP1 billion and below, to PhP15 billion and below . The said resolution was unanimously approved via ad referendum by the members of the FIRB on 02 February 2024. HTcADC An electronic copy of this Resolution is also uploaded to the FIRB website or can be accessed through this link: https://firb.gov.ph/resources/resolutions/ . In light of the threshold adjustment, please be advised that all tax incentive applications endorsed by the IPAs to the FIRB as of 02 February 2024, with investment capital of PhP15 billion and below, shall be returned by the FIRB Secretariat to the concerned IPA for their appropriate action and subject to the existing procedures of the IPAs. Meanwhile, all tax incentive applications with investment capital of more than PhP15 billion shall remain within the jurisdiction of the FIRB. Notwithstanding the increase in the threshold, the FIRB together with the IPAs, retain their authority to monitor the compliance of registered business enterprises (RBEs) of their performance commitments as conditions for the continued enjoyment of incentives granted, regardless of the amount of investment capital. For information and guidance. (SGD.) JUVY C. DANOFRATA Assistant Secretary of Finance Head of the FIRB Secretariat ATTACHMENT FIRB Resolu tion No. 00 3-24 February 2, 2024