MANILA, Philippines — The Board of Investments (BOI) said its recent Strategic Investment Priority Plan (SIPP) roadshow in Cebu City was well-received, as over 100 company representatives and business chamber members participated.
In a statement, the BOI said the recent SIPP roadshow is the first installment of a series being planned to attract more investments in the Central Visayas region.
The chambers were also well represented in the event namely the American Chamber of Commerce of the Philippines (AmCham) and European Chamber of Commerce of the Philippines (ECCP) Region 7 branches.
“Significantly, the timely conduct of the SIPP roadshow ushered in a renewed optimism among Cebuanos and the rest of the region as the SIPP can help in accelerating economic recovery in Central Visayas which was gravely affected by Typhoon Odette, aside from the pandemic,”the BOI said.
It said that 11 companies participated in the one-on-one consultations for the registration with the BOI, the country’s lead industry development and investments promotion agency.
After the consultations, the BOI garnered a total of nine business interests from the various sectors.
This includes three from the information technology and business process management industry, three from the manufacturing industry, two from the transportation and storage industry, and one from the tourism industry.
During the roadshow, BOI-Investments Assistance Service (IAS) executive director Bobby Fondevilla discussed the salient features and incentives under the SIPP to the stakeholders, particularly priorities areas for investments aligned with the Philippine Development Plan (PDP), such as those that promote competitiveness.
The SIPP, 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, lists the priority industries, sectors, and business projects that may qualify for investment incentives under Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
The plan serves as a catalyst to beef up various industries and yield more diversified, complex, and sophisticated products and services in the country.
“Aimed at promoting investment opportunities and building connection with the country’s investors, would-be investors, and concerned stakeholders, the BOI will also conduct SIPP roadshows in other parts of the country as part of its series of roadshows nationwide,”the agency said.
The BOI is set to hold two more roadshows this month, particularly in Cagayan de Oro on July 26, and Davao on July 28.