Following consultations with various industry stakeholders, the Philippine Board of Investments (BOI) is now soliciting comments on the draft implementing guidelines of the 2017 Investment Priorities Plan (IPP).
Posted in the BOI’s Official Website, the proposed implementing guidelines of the 2017 IPP contains the general and specific guidelines in the availment of incentives for investment projects.
The final guidelines will be submitted for consideration and approval by the BOI Board of Governors on April 26, 2017.
The IPP is a list of priority investment activities that may be given incentives. With the theme “Scaling Up and Dispersing Opportunities,” the 2017 IPP brings forth significant additions and changes, following the President’sZero+10-point Socio Economic Agenda, the aspirations embodied in AmBisyonNatin 2040, and the Philippine Development Plan 2017-2022. Broadly, these changes include further emphasis on innovation-driven and job-generating businesses; inclusive business for agribusiness and tourism; broadened coverage of manufacturing; information technology (IT) and IT-enabled services for the domestic market and telecommunications services for new market players; environment and climate change-related projects; LGU-initiated PPP projects; drug rehabilitation centers; state-of-the-art engineering, procurement and construction (EPC) services; and the lifting of geographical restrictions for most agriculture and tourist accommodation facilities.
Formulated through a participative, analytical, and multi-sector process, the new IPP is expected to generate more investments to strengthen manufacturing resurgence and create more jobs as targeted in the PDP 2017-2022.
BOI, in consultation with the industry stakeholders, developed the general policies and specific guidelines of the 2017 IPP following the approval by President Rodrigo Roa Duterte of the plan on February 28, 2017. The IPP, approved through Memorandum Order No. 12, was published in the March 3, 2017 issue of Manila Bulletin and will take effect on March 18, 2017.
The IPP was approved as proposed by the BOI. The submission to the Office of the President on December 29, 2016, three months ahead of the March 31 deadline under the Omnibus Investments Code of 1987, and the subsequent approval of the new IPP is a milestone for the agency.