Internet service provider Converge ICT announced that it will benefit from tax incentives for its multi-year project to deploy fiber broadband services in underserved, remote areas in the Philippines until 2026.
As approved by the government’s Fiscal Incentives Review Board, Converge will enjoy four years of income tax holiday and a subsequent five-year enhanced tax deductions as stipulated in CREATE, an act signed by President Rodrigo Duterte in 2021 as fiscal relief for businesses amid the global health crisis.
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Converge is also granted 11 years of duty-free importation of equipment necessary for the project.
The company said the project would connect more than 1,200 municipalities to its fiber-to-the-home infrastructure and help the government realize its AmBisyon Natin 2040 vision for Filipinos to have a stable, comfortable lifestyle.
The project would also address the low fiber penetration in the country. Citing consulting firm Media Partners Asia, Converge said only 17 percent of Philippine households have fiber connection.