Investment promotion agencies received P58 billion as budgetary support from the national government in the last five years, the Fiscal Incentives Review Board chaired by Finance Secretary Carlos Dominguez III said Monday.
The FIRB Secretariat said that in 2021, funds received by investment promotion agencies from the government amounted to about P5.07 billion.
The recipient agencies are the Authority of the Freeport Area of Bataan, Aurora Pacific Economic Zone and Freeport Authority, Board of Investments, Bases Conversion and Development Authority Group, Cagayan Economic Zone Authority, Subic Bay Metropolitan Authority, Tourism Infrastructure and Enterprise Zone Authority and the Zamboanga City Special Economic Zone Authority.
The Philippine Economic Zone Authority and the PHIVIDEC Industrial Authority were not included in the list of budgetary support recipients as the two agencies are already self-sufficient.
Finance Assistant Secretary and FIRB Secretariat head Juvy Danofrata said during a recent DOF Executive Committee meeting AFAB allocated 100 percent of its budget to capital outlays, while SBMA and TIEZA allotted 100 percent of their budget to maintenance and other operating expenses. Julito G. Rada