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Saturday, April 13, 2024

BOI approves tax incentives for P50-b telecom infrastructure project

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The Board Investments said Thursday it approved tax incentives for a P50-billion telecommunications infrastructure project aimed at providing faster internet nationwide.

It said the project is a joint venture between Macquarie Capital, one of the leading mergers and acquisitions and public-private partnership advisors in the Philippines and Phil-Tower Consortium Inc., one of the fastest-growing independent tower companies in the country.

The project involves the construction and operations of shared telecommunications infrastructure facilities to provide coverage and internet connectivity to Filipinos in remote, unserved and underserved areas.

Phil-Tower, as an enabler of 4G and 5G coverage for smart cities, will provide innovative outdoor solutions through camouflage sites, micro poles, green towers and smart poles as a regional pioneer of in-building solutions.

The telecommunications firm rolled out more than 200 telecommunication towers as of 2022 with plans to construct more in 2023.

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Project proponents asked the BOI to step up the provision of investment facilitation services to hasten the implementation of the project.

The BOI assured the joint venture officials that the government is committed to providing assistance from the processing of business permits and licenses to facilitating investment-related concerns.

The agency’s support services for investors are part of the BOI’s reinforced commitment to support investors through its Strategic Investments Aftercare Program.

The BOI also pushed for the approval of Executive Order No. 18 which constitutes green lanes for strategic investments. The EO designates the BOI as the single point of entry for the endorsement of strategic investments qualified for green lane services.

It aligns with the government’s effort to create a more business-friendly environment and provide ease of doing business to attract more strategic investments.

“Through these efforts, the BOI ensures the success of investments in the Philippines,” said BOI director for investments assistance service Ernesto Delos Reyes Jr.

Phil-Tower chief executive Devid Gubiani said the EO would help the firm carry out its time-bound business plans in the country. Othel V. Campos

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