MAKATI CITY -- Making it happen to sustain the Philippines as a top investment destination, the Philippine Board of Investments (BOI), the country’s lead investment promotion agency (IPA), gathered on 7 September 2022, businesses, investors, business groups, industry associations, and various concerned stakeholders in Metro Manila, Central Luzon, and Southern Tagalog, for a presentation of the Strategic Investments Priority Plan (SIPP).  

The SIPP lists the priority industries, sectors, and business projects that may qualify for investment incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. In addition, the said plan includes the scope and coverage of the priority activities and the industry tier categorization, influencing the period of availing of incentives – the higher the industry Tier categorization, the longer the period of availing incentives. The SIPP, a plan prepared by the BOI in coordination and consultation with the IPAs, the Fiscal Incentives and Review Board (FIRB), other government agencies administering tax incentives, and the private sector. 

Representing Trade Undersecretary and Managing Head Ceferino Rodolfo, Atty. Bobby G. Fondevilla, Executive Director for Investments Assistance said in his opening remarks that the Philippines has now a burgeoning status as a top investment destination of choice in the world.  

“The Philippines is now open for business against the backdrop of the pandemic. The recovery is underway to make the Philippines an investment destination of choice,” Executive Director Fondevilla emphasized, mentioning that the three regions contributed to the economic resiliency of the country, as it tides through the repercussions of the lingering global health crisis. 

Complementing the CREATE Act, Executive Director Fondevilla said that with the recent amendments to the three other liberlized laws–the Foreign Investment Act (FIA), the Retail Trade Liberalization Act (RTLA), and the Public Service Act (PSA), the Philippines now stands as “a force to reckon with” in attracting investments from different countries.  

“More roadshows like this will happen to convey investment opportunities available to investors here in the Philippines,” the Executive Director assured the participants, encouraging all prospective investors to seize the opportunity to invest in the regions, which are identified as among the top performing regions in the country last year.  

“With these positive developments in growth figures, we enjoin everyone to take opportunities on what the SIPP can offer. Let us make valuable investments happen here in the Philippines,” he concluded.  

The highlight of the event meanwhile was the presentation of the SIPP which was delivered to among 130 participants by BOI Director for Investments Policy Sandra Marie Recolizado.  

“The grant of incentives will now be performance-based, anything that you put in your application will be the basis of your performance in terms of investments and employment to be generated,” Director Recolizado told the participants.  

In addition, the Director explained that the qualifications for incentives will be the same for all the Investment Promotion Agencies (IPAs) in the country. “All the IPAs will now follow the SIPP projects should undergo formal evaluation process under the CREATE Act.”  

Also, she added that the SIPP formulation is aligned with the Philippines' long-term aspirations and vision. “We put a premium on the technology and innovation, that’s the name of the game,” she said, pointing out that technology-driven projects will be prioritized. 

Director Recolizado also highlighted the goals of the SIPP such as sustaining the momentum towards recovery, in particular urgently creating and recovering jobs and attracting investments that promote innovation, research and development, and use of the latest technology. She discussed the differences between the new incentives regime of the CREATE Act, and the incentives offered to the priority projects to improve competitiveness such as income tax holidays, duty-free importation, five percent special corporate income tax, and enhanced deductions.  

The presentation focused on the list of priority activities under the SIPP especially the activities under the three Industry Tiers with emphasis on the necessity to address value chain gaps under Tier 2 and encourage R&D, innovation, and technology-driven activities under Tier 3 to ensure competitiveness.  

Subsequently, an open forum followed were officials from the BOI answered questions and concerns from the prospective investors on the salient features of the SIPP.  

Previously, the BOI already rolled out the SIPP Roadshows in other parts of the country this year. Last July, three roadshows were held in Cebu (July 19), Cagayan de Oro (July 26), and Davao City (July 28). While the recent roadshows were conducted in Butuan City (August 16) and General Santos City (September 1). (BOI)