The Department of Trade and Industry (DIT) said that the investment priorities plan (IPP) for 2013 submitted to Malacañang was only “for compliance with the law,” as the agency is working on the 2014 IPP with the National Economic and Development Authority (NEDA).
Trade and Industry Secretary Gregory Domingo told reporters that the DTI and NEDA are joining forces in undertaking studies and consulting the private sectors to determine industries to focus on for the 2014 IPP.
“There are only minor changes [in 2013 IPP]. . . Major changes will manifest in 2014 which we will be trying to issue by December. We’re trying to issue the 2014 IPP earlier,” he said.
The annual IPP serves as government’s blueprint on what industries and sectors should be prioritized, or be given investment incentives.
By law, IPPs are filed in March every year, but it was only this month that the DTI endorsed it to President Benigno Aquino 3rd for the current year.
“The IPP should not really change every year. But because of the law that we should pass the IPP every year, we have to abide by it. Maybe the ideal is once in every three years [to change the IPP],” the secretary said.
For 2014, Domingo said that the DTI aims to complete and pass the IPP by December this year and “hopefully it will take effect January 1” next year.
The IPP for 2013 retained the 2012 priority sectors, changing minor treatments in the following industries: agriculture or agribusiness, and fishery; creative industries or knowledge-based services; shipbuilding; mass housing; iron and steel; energy; infrastructure; research and development; green projects; motor vehicles; strategic projects; hospital and medical services; disaster prevention; and mitigation and recovery projects
The 2013 IPP changes include limiting of incentives to zero duty on imports of registered mining corporations, as well as removing of income tax holidays in Boracay, Cebu and Metro Manila for tourist accommodations.
Kristyn Nika M. Lazo