Philippines News Agency Announces Reduction in Real Property Taxes for Specified Independent Power Producers

The Philippine News Agency Dec. 3 announced the President’s Nov. 28 signing of Executive Order No. 106, reducing real property taxes (RPT) for specified independent power producers (IPPs) for calendar year 2025. The announcement includes that: 1) the reduction applies to IPPs under a build-operate-transfer (BOT) regime or similar contracts with government-owned and controlled corporations (GOCCs); 2) the reduction includes any special levies accruing to the Special Education Fund on property, machinery, and equipment used by an IPP in power production; 3) the reduction is to 15 percent of the fair market value of the property, from the maximum 80 ...