BOI eyes release of new SIPP within H1

MANILA, Philippines — The Board of Investments (BOI) expects to release the Strategic Investment Priority Plan (SIPP) for 2025 to 2028, which will identify activities eligible for incentives, within the first half of the year.

Speaking at the European Chamber of Commerce of the Philippines’ launch of its Doing Business in the Philippines Guidebook yesterday, BOI managing head and Trade Undersecretary Ceferino Rodolfo said the agency is currently working with other government agencies in finalizing the SIPP for 2025 to 2028.

He said the BOI expects to release the SIPP “in the first half of this year.”

The SIPP includes the scope and coverage of the priority activities and the industry tier categorization, which influences the period of availment for incentives.

The higher the industry tier,  the longer the period of incentives availment.

Projects identified under the SIPP are those considered to have high impact for job creation, value creation, innovation, moving up the value chain and providing essential support to sectors critical to industrial development.

Rodolfo said the BOI is rationalizing the SIPP in terms of sectors and tiers.

“Based on consultations, there are sectors that request if they can be classified, categorized into the higher tier,” he said.

He said the BOI is also looking at which sectors no longer need incentives and those in need of enhanced incentives.

In addition, the BOI is taking into account changes under the CREATE MORE Act.

Signed in November last year, the CREATE MORE aims to enhance the incentives system and clarify value-added tax rules.

Rodolfo said the implementing rules and regulations (IRR) for the CREATE MORE Act would be released within the month.

“Even as we are still to release the IRR within this month, it’s also very important to note that we have already issued the interim IRR that allows investment promotion agencies to accept applications for registrations under the CREATE MORE,” he said.

The BOI is encouraging all eligible businesses to submit their applications to enjoy the benefits under the new law.