Central, South Luzon and NCR good places to invest in, says BOI

The Board of Investment (BOI) urged entrepreneurs to invest in the Metro Manila, Central Luzon and South Tagalog regions.

Last week, the BOI, the main investment promotion agency (IPA) in the country, brought together companies, investors, business groups, industry associations from these regions to present the Strategic Investment Priority Plan (SIPP).

“The Philippines is now open for business in the context of the pandemic. The recovery is underway to make the Philippines an investment destination of choice,” said Investment Assistance Executive Director Bobby G. Fondevilla.

Fondevilla said that the three regions contributed to the economic resilience of the Philippines, noting that they are identified among the best performing regions in the country in 2021.

He added that “more roadshows like this will happen to convey the investment opportunities available to investors here in the Philippines.”

“With these positive developments in growth figures, we urge everyone to take advantage of the opportunities that SIPP offers. Let’s get valuable investments made here in the Philippines,” Fondevilla said.

For her part, the Director of Investment Policy of the BOI, Sandra Marie Recolizado, presented the main characteristics of the SIPP to the 130 participants. “The awarding of incentives will now be based on performance; everything you put in your application will be the basis of your performance in terms of investment and employment to be generated”, Recolizado told the participants.

He said that the qualifications for the incentives will be the same for all the Investment Promotion Agencies (API) in the country, and all the projects “must go through a formal evaluation process under the [Corporate Recovery and Tax Incentives for Enterprises] CREATE Act.”

The BOI director also noted that technology-driven projects will be prioritized. “We reward technology and innovation, that’s the name of the game,” said Recolizado.

He also discussed the differences between the “new incentive regime” of the CREATE law and the incentives offered to priority projects to improve competitiveness such as income tax holidays, duty-free imports, special income tax of 5 percent cent and improved deductions.

The BOI said the presentation focused on the list of priority activities under the SIPP, especially the activities under the three industry tiers.

Under Tier 1, the SIPP adopts the 2020 Investment Priorities Plan (IPP) as the base framework for Philippine Development; Tier 1 contains the preferred activities under the 2020 IPP, which include all qualifying activities related to combating the Covid-19 pandemic.

Tier 2 activities fill the gaps in the Philippines’ industrial value chains, which are critical to promoting green ecosystems, ensuring a reliable health system, achieving strong self-sufficiency in defense systems, and transforming into modern, competitive, integrated systems. and self-sufficient. industries and agriculture by filling the gaps in the value chain and encouraging industries to substitute imports and ensure food security in a competitive manner.

Level 3 activities are aimed at accelerating the transformation of the economy and using Industry 4.0 technologies, such as the use of automated system, intelligent machines/systems, industrial internet of things (IIOT), cloud computing, cognitive computing , advanced robotics, artificial intelligence, 3D printing, among others.

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