MANILA, Philippines—The government will soon start consultations with private sector stakeholders to identify the specific sectors that will be eligible for various incentives under the country’s Investment Priorities Plan (IPP) in the coming year.
In a notice published recently, the Board of Investments (BOI) said it would hold simultaneous meetings in Makati, Cebu and Davao for the IPP, a listing of the government’s preferred investment areas, which is often referred to as the blueprint of the country’s investment promotions platform.
The public hearing for the proposed 2013 IPP General Policies and Specific Guidelines will be held simultaneously on March 6.
The IPP for the year will be the basis for the policy reforms that the government will have to implement to ensure economic development. The main goal is to attract strategic investments with impact particularly on countryside development as well as in generating employment.
Last year’s IPP listed agriculture, creative industries, ship-building, mass housing, iron and steel production, infrastructure, research and development, “green” projects, medical services and disaster prevention as among the “preferred activities” for promotion to investors.
Apart from these sectors, current laws also list certain industries for mandatory inclusion in the IPP. Among these are exploration, mining, quarrying and processing of minerals; publication and printing of books; refining, storage, marketing and distribution of petroleum products; ecological solid waste management; clean water projects; and renewable energy.
The government supports new companies that set up operations in the identified fields by giving hefty income tax breaks and exemption from payment of duties for the importation of equipment.
Last month, different government agencies were also told to submit position papers on the various industries they regulate or supervise to help the BOI determine the list of preferred activities for 2013.
The proposed IPP guidelines will be presented to President Aquino for approval.
The annual IPP guidelines are aligned with the government’s Philippine Development Plan (PDP), which identifies industries with high potential for growth and job creation.