MANILA, Philippines - The Board of Investments (BOI) is planning to hold extensive consultations with specific sectors for the a new Investment Priorities Plan (IPP) beginning this month, an official said.
BOI managing head Adrian Cristobal, Jr. told reporters the agency has decided to design consultations for the country’s investment promotions blueprint for this year in a different way by holding sessions with firms from specific sectors.
Each year, the BOI conducts three public hearing sessions open for all stakeholders, in Metro Manila, Cebu and Davao for the proposed IPP.
“That’s the traditional way and it is open to the public...What we want to do this time is intensify the conduct of consultations, at least with the major sectors so that we can really go deeper into the analysis of issues of specific sectors,†Cristobal said.
Among the sectors to be consulted are those identified in the Philippine Development Plan to have high growth potential such as electronics, information technology business process management, agribusiness and shipbuilding.
Cristobal said the BOI also intends to post the IPP draft on the agency’s website to allow the public to provide comments on the plan.
“It will be very extensive consultations because what we intend to come up with is an honest to goodness IPP...and not just a listing of areas as in the past,†he said.
“As we mentioned several times, the IPP for 2014 and beyond will be based on a large part on the industry road maps that were crafted in the past year and a half where supply gaps and competitiveness issues are identified. We hope that the IPP, is one of the tools, major tools to grow these industries,†he added.
The IPP released by the BOI every year, lists activities that can qualify for incentives.
Under the 2013 IPP, the following were identified as preferred activities: 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 or medical services; and disaster prevention, mitigation and recovery projects.