Trade Secretary Ramon Lopez
MANILA – Economic activities that would help the government in its fight against the coronavirus disease 2019 (Covid-19) pandemic and the ‘Balik Probinsya’ program are included in the proposed 2020 Investment Priorities Plan (IPP) of the Board of Investments (BOI), Trade Secretary Ramon Lopez said Thursday.
The document was already signed by Lopez, who is also the BOI chairman.
The Trade chief said his office already submitted the proposed 2020 IPP to the Office of the President for President Rodrigo Duterte’s signature.
In a webinar of the Nordic Chamber of Commerce of the Philippines, Lopez cited “all qualified activities relating to the fight against the Covid-19 pandemic” as priority areas in the 2020 IPP.
These include the manufacturing of essential products such as medicines, medical equipment and devices, personal protective equipment, medical supplies, and consumables such as alcohol and sanitizers, including production of raw materials, semi-finished or intermediate goods and machinery and equipment.
Repurposing of manufacturing activities to produce these products are also entitled to tax perks in the proposed IPP.
The document also listed the provision of services such as, but not limited to, crematoriums, health waste treatment and disposal, laboratories, test facilities, hospitals, and quarantine facilities.
Lopez added that investment activities that support the creation of new opportunities in provinces outside urban areas are included in the proposed investment priority list for this year.
Last month, Senator Christopher Lawrence “Bong” Go proposed to Duterte the ‘Balik Probinsya’ program that aims to bring back individuals living and working in Metro Manila to their provinces by creating more economic activities outside the National Capital Region.
Lopez expressed support in the proposal as activities related to the ‘Balik Probinsya’ program are recommended in the new IPP.
He said investments in line with this program may be provided with an income tax holiday for up to six years.
The IPP is the government’s blueprint of priority economic activities that qualify for fiscal incentives. (PNA)
