Published April 4, 2021, 8:00 AM
The Board of Investments has granted pioneer tax incentives to the P30.6576 billion project of Philippines Fiber Optic Cable Network (PFOCN), a Singaporean company, which is expected to spur the country’s telecommunications sector.
Trade and Industry Secretary Ramon M. Lopez announced the investment at the 2nd Philippine-Singapore Business and Investment Summit organized by the Philippine Chamber of Commerce and Industry (PCCI) that these sectors are under the DTI’s REBUILD strategy.
Trade and Industry Secretary Ramon Lopez. (ALFRED FRIAS/PRESIDENTIAL PHOTO FILE PHOTO)
According to Lopez, the BOI last year approved on pioneer status the PFOCN Corp. (0.00003% Filipino, 99.99995% Singapore, 0.00002% Chinese-owned), which is licensed to do business in the Philippines to engage in the installation, maintenance, sale and lease of optical dark fiber network, as well as other related activities.
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