The Fiscal Incentives Review Board (FIRB) had returned the application of Francisco Motors to the Philippine Economic Zone Authority (PEZA) for re-evaluation of its proposed PHP52.5 billion capital investment and eligibility for tax and fiscal incentives for big-ticket projects.
According to a top-ranking PEZA official, FIRB wanted PEZA to re-evaluate FM’s investment for its proposed PHP52.5 billion special economic zone project in Jose Panganiban, Bicol. FM, a family business that once manufactured traditional jeepneys in Las Pinas, has proposed to manufacture electric jeepneys.
Based on the FIRB assessment, FM’s project cost for its proposed project would amount only to P10 billion. Projects with capital investment of PHP15 billion and above require FIRB approval to be granted tax and fiscal incentives.
PEZA had already advised the company since last year yet to resubmit their application. “FM has to substantiate their capital investment and meet the cost-benefit analysis passing rate,” the PEZA official said.
PEZA has been awaiting for FM’s resubmission of their application and/or supporting documents.
When sought for comment, PEZA Director General Tereso O. Panga said that FM President Elmer Francisco has expressed confidence they can substantiate their capital investment including their capacity to undertake the project.
