The Department of Trade and Industry has encouraged Korean businessmen to take advantage of attractive incentives on the preferred activities under the 2011 Investments Priorities Plan (IPP).
“At the Board of Investments (BOI), our investment opportunities include 13 preferred activities or industry selection. If you invest in these activities, you will get incentives in these industries whether you will supply the domestic or foreign demand, or both,” Trade Undersecretary Cristino L. Panlilio said during the recent Philippine-Korea Development/ Business Partnership Forum.
These preferred activities include: agriculture, agri-business and fishery; creative industries and knowledge based services; ship building; mass housing; energy; infrastructure; research and development; green projects; motor vehicles; tourism; strategic projects; public-private partnerships (PPP); and disaster prevention, mitigation and recovery projects.
Panlilio said other priority activities under the IPP are export activities, mandatory list and the Autonomous Region in Muslim Mindanao (ARMM) list.
“If you are an exporter, you are entitled to incentives, which are mostly in terms of income tax holidays. You will enjoy zero income tax from four to eight years when you register with BOI,” said Panlilio.
Export activities cover manufacture of export products, export services and activities in support of exporters.
Panlilio also urged Korean businessmen to invest on activities under the mandatory list.
This list includes national laws that entitle firms to invest in activities that will help the government implement these laws, and at the same time allow them to automatically enjoy BOI incentives.
Mandatory list covers activities included in the IPP as provide for under existing laws such as the Renewable Energy Act of 2008 (R.A. 9513), Philippine Mining Act of 1995 (R.A. 7942), Philippine Clean Water Act of 2004 (R.A. 9275) and Philippine Clean Air Act of 1999 (R.A. 8749).
“We also would like to invite you to the ARMM. The ARMM constituents are the poorest of the provinces in the country. We would like to develop them by encouraging investors in the region,” said Panlilio.
The ARMM list covers preferred activities that have been identified by the Regional Board of Investment of ARMM (RBOI-ARMM) in accordance with EO 458 or devolving the powers and functions of the BOI over investments within the ARMM to the autonomous regional government and for other purposes.