MANILA, Philippines - President Aquino has approved the 2014 Investment Priorities Plan (IPP) which lists priority activities entitled to incentives from the government, the Department of Trade and Industry (DTI) said.
According to the DTI, President Aquino signed the 2014 IPP last month.
“The following are the preferred lists of activities: manufacturing, agribusiness and fishery, services, economic and low-cost housing, hospitals, energy, public infrastructure and logistics, (and) PPP (Public-Private Partnership) Projects,” the DTI said.
The 2013 IPP has a longer list of preferred activities covering the following: 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.
The new IPP aims to fill the gaps in the supply or value chain as well as provide support to sectors with competitive advantage.
The DTI said the 2014 IPP would be different from the previous IPPs as it would take into account the relevance and impact of an economic activity in a particular region, province, or a cluster of local government units (LGUs) to maximize the utilization of incentives.
The 2014 IPP would be valid for three years, but subject to annual review for effective implementation.
“This feature ensures continuity, consistency and predictability – factors seriously considered by domestic and foreign investors,” the DTI said.
The DTI added new mechanisms of coordination and convergence among relevant government agencies to ensure the effective and efficient execution of the 2014 IPP.
The government wants to provide venues for enhanced partnership and cooperation with the private sector on the IPP.
To enhance partnership with the private sector, the DTI’s attached agency, the Board of Investments would conduct on Friday a public consultation for the guidelines for the new IPP.
The public consultations would be held at the Philippine Trade Training Center in Pasay City. Expected to attend various chambers of commerce, business support organizations, the academe, LGUs, members of inter-agency committees, non-government organizations, consumer organizations as well as the media.