THE Board of Investments (BoI) is now finalizing the general policies and specific guidelines for implementation of the 2017 Investments Priorities Plan (IPP) just approved by President Rodrigo Duterte.
The IPP as proposed by the BoI was approved February 28 through Memorandum Order 12, and is due to take effect March 18.
The board said its submission to the Office of the President on December 29, 2016, three months ahead of the March 31 deadline under the Omnibus Investments Code of 1987, and the subsequent approval of the new IPP is a milestone for the agency.
“This development is concrete proof of the administration’s decisiveness to further propel the growth of investments and job generation in the country and attain sustainable economic growth,” Trade Secretary and BoI Chairman Ramon Lopez said in a statement issued on Monday as he welcomed the early approval of the new plan.
The IPP is a list of priority investment activities that may be given incentives. With the theme “Scaling Up and Dispersing Opportunities,” the 2017 IPP brings forth significant additions and changes, following the President’s zero + 10-point Socio Economic Agenda, the aspirations embodied in AmBisyon Natin 2040, and the Philippine Development Plan 2017-2022.
The BoI said these changes include further emphasis on innovation-driven and job-generating businesses; inclusive business for agribusiness and tourism; broadened coverage of manufacturing; information technology (IT) and IT-enabled services for the domestic market and telecommunications services for new market players; environment and climate change-related projects; LGU-initiated PPP projects; drug rehabilitation centers; state-of-the-art engineering, procurement and construction (EPC) services; and the lifting of geographical restrictions for most agriculture and tourist accommodation facilities.
The new IPP, which was formulated through a participative, analytical and multi-sector process, is expected to generate more investments to strengthen manufacturing resurgence and create more jobs as targeted in the PDP 2017-2022, it said.
In 2016, BoI-approved investments grew 20.4 percent to P441.8 billion, from P366.7 billion registered in 2015.
That is the second highest level of BoI-approved investment since 2000, next to P466 billion registered in 2013. The 20.4 percent growth exceeded the agency’s 7 percent growth target for 2016.
The BoI is set to conduct IPP roadshows in key cities all over the country, to be led by Undersecretary and BOI managing head Ceferino Rodolfo to inform and promote the salient features of the new IPP among the various stakeholders.