The Board of Investments said it is finalizing the general policies and specific guidelines of the 2017 Investments Priorities Plan, following the approval by President Rodrigo Duterte of the plan on Feb. 28, 2017.
The IPP, approved through Memorandum Order No. 12 and published on March 3, 2017, is set to take effect on March 18, 2017.
Trade Secretary and BoI chairman Ramon Lopez welcomed the early approval of the new IPP, saying “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.”
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 AmBisyonNatin 2040 and the Philippine Development Plan 2017-2022.
These changes include further emphasis on innovation-driven and job-generating businesses; inclusive business for agribusiness and tourism; broadened coverage of manufacturing; information technology 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 services; and the lifting of geographical restrictions for most agriculture and tourist accommodation facilities.