March
2017
On 28 February 2017, President Rodrigo Duterte approved the implementation of the 2017 Investment Priorities Plan (“IPP”) which encourages investments in key sectors and is aimed at expanding job opportunities in the country. The IPP lists the investment sectors that may be given incentives by the government, and includes manufacturing, agriculture and fisheries, drug rehabilitation, and micro, small, and medium enterprises (“MSMEs”).
The investment policy of the Philippines aims to attract, promote, and welcome productive foreign investments in activities that significantly contribute to national industrialisation and socioeconomic development. To attract foreign investments, the Omnibus Investments Code (“OIC”) of the Philippines, through tax incentives and other benefits, encourages investments in preferred areas of economic activity, as specified by the Bureau of Investments (“BOI”) in the IPP.
The new IPP is expected to generate more investments to strengthen manufacturing sector and expand job opportunities for more sections of the population.
With the theme Scaling Up and Disbursing Opportunities, the new IPP brings significant additions and changes to the 2014 IPP, which include emphasis on the following:
Other effects of the 2017 IPP include:
The IPP takes effect on 18 March 2017 and will be effective until 2019.
If you have any questions or require any additional information, please contact Felix Sy, Lorybeth Baldrias Serrano or the ZICO Law Partner you usually deal with.
This alert is for general information only and is not a substitute for legal advice.