- Category: Top News
- Published on Sunday, 17 February 2013 20:14
- Written by Jennifer A. Ng / Reporter
The Board of Investments (BOI) has started inter-agency consultations to formulate the general policies and specific guidelines to implement the 2013 Investment Priorities Plan (IPP).
The IPP identifies the sectors that the government will actively promote for the current year. Investments in identified sectors would enjoy fiscal and non-fiscal incentives depending on the investment category.
Available fiscal incentives for these investment categories are income-tax holidays and duty-free importation of capital equipment, among other things.
Last year, sectors identified in the 2012 IPP were agriculture/agribusiness and fishery, creative industries/knowledge-based services, shipbuilding, mass housing, iron and steel, energy, infrastructure and public-private partnership (PPP) projects, research & development, green projects, hospital and medical services projects, motor vehicles, strategic projects, and disaster prevention and recovery projects.
In formulating the IPP, the BOI consults concerned government agencies and industry stakeholders through inter-agency consultations and public hearings. Results of these consultations are consolidated by the BOI and submitted to the Office of the President. The BOI conducts such consultations for both the 2013 IPP listing and the General Policies (GP) and Specific Guidelines (SG).
For the 2013 IPP listing, government agencies are expected to submit their position papers on Feb. 25, which the BOI would consolidate and finalize. The 2013 IPP is then submitted to the President. Target date for submission is on March 11.
Simultaneous with the generation of the 2013 IPP listing, the BOI’s Technical Working Group (TWG) scheduled a meeting on the 2013 IPP GP and SG on February 15.
By March 6, the BOI will hold simultaneous public hearings on the 2013 IPP GP and SG in the cities of Manila, Cebu and Davao. Government agencies and industry stakeholders are expected to submit their inputs to the 2013 IPP GP and SG on March 15 and on March 20, the BOI’s TWG will hold a meeting to finalize the 2013 IPP GP and SG.
Under existing laws, the BOI is mandated to encourage investments through tax exemption and other benefits in the preferred economic activities specified in the IPP. These economic activities are aligned with the Philippine Development Plan (PDP).
The PDP identifies sectoral opportunities and promotes the growth of forward and backward linkages in priority areas and high-potential growth sectors to attract investments and generate jobs.