Trade Secretary Cesar Purisima said this year’s IPP, aside from encouraging both big domestic and foreign investors to pour money into priority sectors, also seeks to encourage individual entrepreneurs to engage in potential growth industries.
Entrepreneurs who qualify under the IPP can avail of incentives such as income tax holidays, tax credit for taxes and duties on raw materials, exemption from taxes and duties on imported spare parts and supplies, among others.
Purisima said that output sizes of various service and manufacturing industries to corresponding total service and manufacturing output show that possible growth industries in the country include financial services, telecommunications, trading, education, medical care and hotels and restaurants.
In the manufacturing industry, growth is identified in areas such as food and beverage, electronics, electrical machinery, petroleum, transport manufacturing, furniture, leather goods and garments.
The DTI chief said providing incentives to entrepreneurs engaging in emerging growth sectors is part of government’s thrust to multiply the number of entrepreneurs that could spur more economic activities.
Purisima pointed out that elsewhere in the world, entrepreneurs are helping their respective economies survive.
"For the country to further its growth, we should be entrepreneurship-driven. We can take cue from the Japanese and the American models where citizens are encouraged to venture into profitable business," Purisima said.
He also urged local entrepreneurs to hone their entrepreneurial practices and by constantly studying and exploring opportunities both in the domestic and international markets.
"Entrepreneurs should be able to find ways to carve their niche in the international market and exploring investment areas here. By doing such, they can become partners in making our business environment more competitive," Purisima said.