The Philippine Board of Investments (BOI), the lead investments promotion agency in the country, is set to conduct public hearings in major cities of the country this week (December 5-7, 2016) to consult stakeholders on the proposed 2017 Investment Priorities Plan (IPP).
Formulated through a participative, analytical, and multi-sector process, the public hearing for the Visayas will be held in Cebu City on December 5 at the Golden Prince Hotel & Suites. The public hearing for Luzon on the other hand will be held in Manila at the AIM Conference Center, Makati while the Mindanao leg will be held in Davao City at the Seda Abreeza Hotel. Both public hearings are set on December 7.
With “Scaling Up and Dispersing Opportunities” as the proposed theme, the draft IPP is anchored on the administration’s 10-point Socio-Economic Agenda and AmbisyonNatin2040 which aspires to promote investments in preferred economic activities and sectors that will have direct and positive impact on the lives of the Filipinos to attain prosperity for all.
“The IPP is structured to be more relevant to the aspirations and current socio-economic needs of the Filipino people as it lays down a solid foundation for more inclusive growth through innovation and pro-poor business models. It has considered the Administration’s advocacy to support small enterprises, encouraging their integration to major business networks through innovation-driven growth models, and thus seeks to expand the middle-class by raising quality of life of the poor,” said Trade Secretary and BOI Chairman Ramon Lopez said.
The draft 2017 IPP sets specific objectives that will make investments more relevant to the economy and the society. These are: modernize the economy through enhanced incentives package; generate massive levels of decent jobs; and help solve societal issues on employment, housing, transportation, safe and secure travel, among others.
To attain these objectives, the IPP will focus on the 4 I’s and 3 E’s through the following strategies: Develop and promote Innovative and Inclusive Industries, Modernize Incentives regime, Enhance Employment and Entrepreneurship.
The preferred list of activities will be entitled to fiscal and non-fiscal incentives under Executive Order No. 226 otherwise known as the Omnibus Investments Code of 1987, as amended, provided they qualify certain criteria and fulfill the terms and conditions of registration with BOI.
Based on the sectoral consultations and meetings conducted, the preferred activities for 2017 may include manufacturing, agribusiness, and services as major areas for investments, supported by research and development, technological innovations, infrastructure and logistics. Inclusive Business projects and environment or climate change-related projects are also proposed to be included.
All comments and inputs gathered from the public hearings will be processed and presented to the BOI Board for decision and finalization which will then be endorsed by Secretary Lopez to President Rodrigo Duterte.