DTI vows ‘unwavering’ support for vital biotech industry | Inquirer Business
Crucial to economic growth

DTI vows ‘unwavering’ support for vital biotech industry

/ 02:03 AM November 22, 2022

The Department of Trade and Industry (DTI) on Monday highlighted the importance of developing and promoting biotechnology, signaling a policy thrust to harness this scientific field to achieve the country’s economic goals.

Speaking at the opening day of the National Biotechnology Week in Pasay City, Trade Secretary Alfredo Pascual said that biotechnology’s breakthrough products and technologies could offer multiple benefits.

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“Aside from creating novel diagnostics, vaccines and combating debilitating and rare diseases, they can reduce our environmental footprint, feed the hungry, use less and cleaner energy, and make industrial manufacturing processes safer, cleaner and more efficient,” the trade official said.

Pascual said they viewed modern biotechnology as a vital tool to achieve the goals of the Philippine government.

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“Effectively harnessing biotech will increase our agricultural productivity, allow us to achieve food security and modernize our industry and services sectors. Biotech cuts across the priority industry clusters we have previously identified,” he added.

Incentives offered

According to Pascual, these industry clusters include: industrial, manufacturing and transport; health and life sciences; as well as modern basic needs and resilient economy sector.

“It will allow the Philippines to create, if not strengthen, our links in global value chains,” he added.

The DTI official said that biotech companies planning to set up shop in the Philippines could expect ease of doing business. The government gives incentives to firms engaged in this field.

“These firms may avail of tax incentives and perks under Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act,” Pascual said.

“Biotech-enabled activities related to food security and research and development activities on modern biotech or its commercialization are considered tier 2 and tier 3 activities,” he said further, adding that these projects could be registered to receive fiscal incentives such as an income tax holiday of at least five years.

“The DTI continues to provide unwavering support to the country’s biotechnology and biotech-enabled industries. You can rely on us in creating an enabling environment for these innovation-driven activities to thrive and become globally competitive,” Pascual added. INQ

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TAGS: Biotechnology, Business, DTI
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