MANILA, Philippines—The House of Representatives passed on third and final reading on May 5 House Bill (HB) 5241 or the proposed Investments and Incentives Code of the Philippines meant to keep in check the fiscal perks given to foreign investors.

The bill, sponsored by Antique Representative Exequiel B. Javier, House ways and means committee chairman, was approved 175 to 11 with 4 abstaining, 18 months after the House conducted its first public hearing.

The bill will rationalize Executive Order 226 or the Omnibus Investments Code of 1987, which has been criticized for generous incentives granted to investors that has led to a substantial amount of foregone tax revenues.

There are currently 146 different tax incentive laws in force in the country that have led to redundant incentives to a number of recipients.

Based on the bill, the Board of Investments will be the main agency responsible for promoting as well as regulating investments which would be centralized under a National Framework for Investment Promotion that would govern all investment promotion.