The Philippine Board of Investments (BOI), the lead investment promotion agency in the country, is currently drafting the 2017 Investments Priorities Plan (IPP) which is geared towards providing fiscal support to inclusive business (IB) projects that benefit the micro, small, and medium enterprises (MSMEs). The said IPP, which will be a rolling three-year plan, will be submitted to President Rodrigo Duterte for approval by the end of the year.
The IPP is a list of priority investment activities that may be given incentives. Formulated through a participative, analytical, and multi-sector process, the list is aligned with the goals, priorities and strategies under the President’s 10-point Socio-economic agenda and the framework on the Comprehensive National Industrial Strategy (CNIS).
Trade and Industry Secretary and BOI Chairman Ramon Lopez said the target date of submission is considered as milestone undertaking for the agency, with the list already with the President before the end of the year.
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. IB projects and environment or climate change-related projects are also proposed to be included.
“The inclusion of IB in the proposed 2017 IPP augurs well with the government’s thrust to reduce poverty, generate more jobs, and sustain inclusive growth,” Secretary Lopez said.
As early as March 2016, the BOI has started the review of the proposed IPP where an IPP Technical Working Group (TWG) represented by all the BOI Services worked on the policy directions, priorities and timelines.
Upon clearance by the BOI Board, the draft IPP will be presented in eight multi-sectoral consultations in Metro Manila, La Union, Laguna, Cebu, Iloilo, Zamboanga, Davao, and Cagayan de Oro to gather comments and feedback from stakeholders. All comments and inputs gathered will be processed and presented to the Board for decision and finalization of the IPP list for endorsement by the Trade Secretary to the President.