Trade Secretary Gregory L. Domingo: We like to improve processes. Photo from dti.gov.ph
MANILA, Philippines—The government hopes to issue the 2014 Investment Priorities Plan (IPP) as early as December this year to “improve processes” that will enable identified sectors to better take advantage of their inclusion on the list.
“We’ll try to issue the 2014 IPP by December [2013].… Hopefully, it can be effective by Jan. 1 next year. When you [issue it at] that date, it really becomes effective for the entire year, rather than it [2014 IPP] being just a title. We like to improve the processes,” explained Trade Secretary Gregory L. Domingo.
But he declined to confirm if the 2014 IPP would contain major changes, noting only that it would be difficult to cite specific details, since the consultations haven’t even started yet.
The trade chief only revealed that they would be working closer with the National Economic and Development Authority (Neda) for the drafting of the 2014 IPP.
This will allow the Department of Trade and Industry (DTI) to align its goals more closely with the targets of the Aquino administration’s Medium Term Development Plan (MTDP), Domingo said on the sidelines of the Fujifilm Corp. briefing in Canlubang, Laguna, on Tuesday.
The 2014 IPP will also incorporate various industry roadmaps to be issued soon, he added. The roadmaps will serve as a better guide for investors.
Already, the government is “putting the finishing touches” on the road map for the automotive industry.
The automotive industry has been identified by the DTI as one of the subsectors that would spearhead and stimulate the manufacturing sector’s progress.
According to Domingo, the 2013 IPP has been submitted to President Aquino for approval. This year’s IPP only contains minor changes. The potential impact on revenues of affected industries will be marginal as well.
The IPP prioritizes economic activities and identifies sectors that are eligible for incentives.
The Board of Investments spearheads the interagency effort to annually craft the IPP, which is meant to attract more investments and mobilize private capital in key areas of the economy.—Amy R. Remo