An estimated P25-billion fund will be allocated to the Information Technology and Business Process Outsourcing industry under the approved final version of House Bill No. 8083, or the Tax Reform for Attracting Better and Higher Quality Opportunities (Trabaho) bill.
The bill approved by Congress on the third and final reading on September 10, 2018, called for a limited incentives to target industries.
“The beauty of the Trabaho Bill is that it also provides for fiscal assistance to sectors badly needing support like IT-BPO. Under the bill, the sector is bound to receive P5 billion annually for five years. This should be utilized to upgrade skills and competency among our IT-BPO workers,” said Trade Undersecretary Ceferino Rodolfo.
The allocation will pay solely for trainings to augment the skills of the IT-BPO labor pool and make them more globally competitive.
