By Kris M. Crismundo
MANILA, April 10 (PNA) — The Board of Investments (BOI) has approved the 2014-2016 Investment Promotions Plan (IPP) general policies and specific guidelines, which are now available on BOI’s website at www.boi.gov.ph.
IPP is the government’s list of preferred economic activities to develop local industries and support the inclusive growth agenda of the current administration.
BOI managing head Adrian S. Cristobal Jr. said in briefing Friday that the latest IPP was now more specific and targeted to develop new sectors which have potentials as new revenue streams of the Philippines.
Among the salient features of the new IPP include the following:
*The IPP will be valid for three years until 2016 which is still subject for annual review. In the past years, the BOI crafted new IPP annually.
*The 2014-2016 IPP has eight preferred activities from the previous IPP with 13 preferred activities and exports as well as nine mandatory areas provided by special laws. The eight preferred activities have four broad sectors and four specific activities with sub-sectors and specific value chain gaps analysis including aerospace parts and components, chemicals, virgin paper pulp, copper wires and copper wire rods, tool and die, modernization of sugar mills, integrated circuit design, maintenance, repair, and overhaul of aircraft, energy ancillary services and energy efficiency projects.
*The IPP also has the inclusive business policy that will help the country’s goal to achieve inclusive growth.
*The new IPP also covers start ups of small newly incorporated domestic players or enterprises in business process outsourcing (BPO) and knowledge process outsourcing (KPO) sectors.
Cristobal, on the other hand, noted that the BOI retained in the IPP list the research and development projects including research and testing laboratories, technical-vocational education and training institutions in order to promote technology upgrading of industries.
“Under those activates, we specified listing of sectors where you want to develop that kind of technology and skills. It’s pretty much same with the aforementioned sectors,” he added.
The IPP, before being concluded, went through extensive processes with the government, private sector, and academe.
The BOI official also stressed that the 2014-2016 IPP was in line with government’s Philippine Development Plan and Philippine Export Development Plan (PEDP), among others. (PNA)