The Strategic Industries Priorities Plan (SIPP), the new list of priority economic activities entitled to new tax incentive packages under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, will focus on investments that are innovation-driven.
Trade and Industry Secretary Ram
Published May 3, 2021, 5:00 PM
The Department of Trade and Industry (DTI) has strongly batted for the lifting of locational investment restrictions, including business process outsourcing (BPO) operations in Metro Manila, to create more jobs, especially in the country’s capital.
Trade and Industry Secretary Ramon M. Lopez said during the TGER-NERS Job Summit on Labor Day, May 1, that DTI and the Board of Investments (BOI) support the recommendations of the business sector to the review of the Investment Priorities Plan (IPP) and to remove the geographical qualifications in availing subsidies, incentives, and programs, among others.
Trade and Industry Secretary Ramon M. Lopez (Bloomberg file photo)
Trade and Industry Secretary Ramon M. Lopez expressed confidence of strong rebound in the country’s manufacturing output in the coming months.
Lopez said following a sustained growth in the Philippine manufacturing out in February, according to a survey conducted by IHS Markit.
Trade and I
Published February 2, 2021, 4:54 PM
The Board of Investments (BOI), the Philippine premier investment generation agency, has set a P1.25 trillion investments target in 2021, following the approval of P1.02 trillion in committed investments last year.
“We are working hard for a V-shaped Philippine economic recovery in 2021 and are hence targeting the original 2020 pre-pandemic goal for investments,” said Trade and Industry Secretary Ramon M. Lopez, who is also BOI Chairman. Following 2019’s record approval of P1.14 trillion, BOI originally set a P1.25 trillion for 2020 but has re-calibrated it to P1 trillion due to the pandemic.
Trade and Industry Secretary Ramon M. Lopez (Bloomberg file photo)
Trade and Industry Secretary Ramon M. Lopez (Bloomberg file photo)
Lopez, a resource person during the virtual hearing, said that removing the economic “barriers” in the 1987 Constitution would help the country lure more foreign investors.
“Eliminating these barriers will certainly unleash the high growth potential of the Philippines,” Lopez told the House panel, which is chaired by AKO-Bicol Party-List Rep. Alfredo Garbin Jr.
“Our economy has been recognized as the second fastest growing economy in Southeast Asia until the year 2019, right before the pandemic struck, with average growth of 6 percent for 14 consecutive quarters. We also know that such growth rates could even be higher if we were able to remove basic restrictions, such as the foreign ownership of businesses in certain sectors stipulated in the Constitution,” the DTI chief explained.