Displaying items by tag: Fiscal Incentives Review Board

Philippines: Southern Concrete Industries Corporation says that it has doubled the planned capacity of its upcoming US$195m Davao del Sur cement plant in Davao Region to 4Mt/yr. The Philippine Fiscal Incentives Review Board (FIRB) approved a two-year income tax holiday and five years of enhanced deductions for the plant and duty exemptions for its equipment on 18 January 2022. The tax breaks will come into effect when the company commissions the plant in July 2022. CEO Ramon Ang said that the enlarged capacity will help to reduce the region’s reliance on imported cement and support infrastructure development on Mindanao.

Philippines: The Fiscal Incentives Review Board (FIRB) has approved the grant of tax incentives to San Miguel Equity Investments a for the construction of its 2Mt/yr Mindanao cement plant. The Manila Bulletin newspaper has reported that the producer will pay no tax on its income from the plant during its first two years of operations, and reduced taxes during the subsequent five years.

The FIRB said that it expects the US$195m plant to stimulate downstream businesses, promote the use of energy-efficient equipment and lead to a transfer of knowledge and increased productivity in the underdeveloped area where it will be located.