strategic investment priority plan philippines 2021

This includes all activities listed in the 2020 Investment Priorities Plan, as amended by Memorandum Circular No. 2021-005 1 , unless listed herein under Tier II or Tier III .

II. Tier II

This includes, but not limited to, the following activities: 1. Green Ecosystems This covers electric vehicles (EV) assembly (e.g., pure EV, plug-in hybrid EV, hybrid EV, fuel cell EV), manufacture of EV parts, components and systems, establishment and operation of EV infrastructure; manufacture of energy efficient maritime vessels and equipment; electronic devices and circuits for smart grid and renewable energy (includes wearable solar devices); bioplastics and biopolymers; renewable energy; energy efficiency and conservation projects; energy storage technologies; and integrated waste management, disposal, & recycling. 2. Health related activities This covers health related activities such as manufacturing in support of the Vaccine Self-Reliance Program or other health-related programs as endorsed by Department of Health (DOH), Department of Science and Technology (DOST) or other similar agencies; medicines; active pharmaceutical ingredients; and specialty hospitals. 3. Defense related activities This covers defense related activities as endorsed by the Department of National Defense (DND), Armed Forces of the Philippines (AFP), or National Security Council (NSC). 4. Industrial Value-chain Gaps This covers activities that will address value chain gaps in, among others, steel, textiles, chemicals; green metals processing (e.g., copper, cobalt, nickel), crude oil refining; and lab-scale wafer fabrication. 5. Food Security related activities This covers products and services critical to competitively ensure food security or in support of green/organic agriculture, as endorsed by the Department of Agriculture (DA) or Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development (PCAARRD) such as but not limited to integrated food production and processing activities (e.g., dairy); production and/or adoption of hybrid seeds contained in the National Seed Industry Council (NSIC) Crop Variety Registration; manufacture of animal vaccine, pesticides and fertilizers; and agricultural and fisheries machinery and equipment, and parts and components therefor.

III. Tier III

This includes, but not limited to, the following activities: 1. Research & development (R&D) and activities, adopting advanced digital production technologies of the fourth industrial revolution, such as but not limited to, robotics; artificial intelligence (AI); additive manufacturing; data analytics; digital transformative technologies (e.g., cloud computing services, hyperscalers, data centers, and digital infrastructure); nanotechnology (includes nanoelectronics); biotechnology; production and/or adoption of new hybrid seeds; and other Industry 4.0 technologies. 2. Highly technical manufacturing and production of innovative products and services such as but not limited to manufacture of equipment, parts & services; commercialization of intellectual property (IP) and R&D products/services, aerospace, medical devices (except personal protective equipment); internet of things (IoT) devices and systems (includes wireless sensors and devices); full-scale wafer fabrication; and advanced materials. 3. Establishment of innovation support facilities such as but not limited to R&D hubs; Centers of Excellence; science & technology parks; innovation incubation center; tech startups, startup enablers; incubators & accelerators; and space-related infrastructures.

Pursuant to Section 302 of the CREATE Act, additional activities that comply with Section 296 of the CREATE Act can qualify under Tiers II and III; Provided that, the additional activities under Tier III are duly endorsed by relevant agencies such as the Department of Science and Technology.

_____________________________

1 Amendments to the General Policies and Specific Guidelines to Implement the 2020 Investment Priorities Plan on Lifting the Locational Restriction of Contact Centers and Non-Voice Business Processing Activities Located in Metro Manila (22 July 2021). The moratorium on the processing of applications for economic zones (ecozones) in Metro Manila under Administrative Order 18 series of 2019 shall apply, unless otherwise lifted.

The Philippines' 2022 Strategic Investment Priority Plan – ASEAN Briefing

The Philippines extended and expanded the tax incentives for a wide range of industries under the 2022 Strategic Investment Priority Plan (SIPP). The selected industries are those the government deems to be critical to the country’s development such as artificial intelligence, and high technical manufacturing. Incentives in the SIPP take the form of income tax holidays (ITH), enhanced deductions (EH), and a preferential five percent corporate income tax rate (CIT). The Philippines recently extended tax incentives for investments in numerous fields with the launch of the 2022 Strategic Investment Priority Plan, as the government seeks to spur the economy and develop strategically important industries. On June 14, 2022, the 2022 Strategic Investment Priority Plan (SIPP) came into effect, expanding tax incentives to several new areas. The plan was approved by then-president Rodrigo Duterte on May 24, 2022, in Memorandum Order No. 61 . The SIPP stands to benefit investors in a wide range of industries that the government deems critical to upgrading its industrial and high-tech sectors, from electric vehicles to medical devices to artificial intelligence. The SIPP lists activities that qualify for investment incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act . The CREATE Act is major fiscal stimulus legislation that came into force in 2021 to aid the Philippines’ recovery from COVID-19-related economic disruption. The SIPP builds on the 2020 Investment Priorities Plan (IPP), which granted incentives for areas the government deemed to be priorities for investment amid the initial outbreak of COVID-19. The IPP is explicitly integrated into the SIPP. Incentives in the SIPP take the form of income tax holidays (ITH), enhanced deductions (EH), and a preferential 5 percent corporate income tax rate (CIT). Typically, an incentive will have 4-7 years of ITH before transitioning to 5-10 years of either EH or CIT. Investors can elect whether to claim EH or CIT if engaged in export activities. The length of the incentive depends on which of the three tiers the relevant activity falls under, whether the activity is domestic or for export, and whether the investment is in the National Capital Region, metropolitan areas, or areas contiguous and adjacent to the National Capital Region, or other regions. The incentive structure is summarized as follows: Incentive Scheme for Exporters Region Tier I Tier II Tier III National Capital Region 4 years of ITH + 10 years of ED/CIT 5 years of ITH + 10 years’ ED/CIT 6 years of ITH + 10 ED/CIT Metropolitan areas or areas contiguous and adjacent to the National Capital Region 5 years of ITH + 10 years of ED/CIT 6 years of ITH + 10 years of ED/CIT 7 years of ITH + 10 years of ED/CIT All other regions 6 years of ITH + 10 years of ED/CIT 7 years of ITH + 10 years of ED/CIT 7 years of ITH + 10 years of ED/CIT Incentive Schemes for the Domestic Market Tier I Tier II Tier III National Capital Region 4 years of ITH + 5 years of ED 5 years of ITH + 5 years of ED 4 years of ITH + 6 years of ED Metropolitan areas or areas contiguous and adjacent to the National Capital Region 5 years of ITH + 5 years of ED 6 years of ITH + 5 years of ED 7 years of ITH + 5 years of ED All other regions 6 years of ITH + 5 years of ED 7 years of ITH + 5 years of ED 7 years of ITH + 5 years of ED According to the SIPP, Tier I activities include all activities listed in the 2020 IPP, as amended by Memorandum Circular No. 2021-005 unless they are listed in Tier II or Tier III. Activities listed in the 2020 IPP include, but are not limited to, the following: In addition to the activities listed above, the 2020 IPP lists many other activities that now apply under the SIPP. The second tier of the SIPP focuses on activities that upgrade the Philippines’ value chains. This includes, but is not limited to, the following activities: The third and final tier of the SIPP refers to activities that are strategically important for transforming the Philippines’ economy. This includes, but is not limited to, the following activities: The SIPP introduces tax incentives for numerous industries and activities in the Philippines. Given the expansiveness of the SIPP, businesses operating in or considering investing in the Philippines would do well to assess whether they qualify for incentives under the SIPP. Further, additional industries not expressly included in the SIPP can potentially apply for incentives under the SIPP. Businesses that qualify for SIPP incentives may face other strategic choices, such as whether to claim ITH or ED incentives. Accordingly, businesses seeking to claim SIPP incentives should consider how different incentive structures fit into longer-term business plans in the Philippines. About Us ASEAN Briefing is produced by Dezan Shira & Associates . The firm assists foreign investors throughout Asia and maintains offices throughout ASEAN, including in Singapore , Hanoi , Ho Chi Minh City , and Da Nang in Vietnam, Munich , and Essen in Germany, Boston , and Salt Lake City in the United States, Milan , Conegliano , and Udine in Italy, in addition to Jakarta , and Batam in Indonesia. We also have partner firms in Malaysia , Bangladesh , the Philippines , and Thailand as well as our practices in China and India . Please contact us at [email protected] or visit our website at www.dezshira.com . 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What CREATE uncertainties? What CREATE uncertainties? What CREATE uncertainties?

by: Marc O. Cabida

On March 26, 2021, the President signed the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act or Republic Act (RA) No. 11534 into law which introduces extensive reforms on corporate income tax and incentive systems for existing and qualifying enterprises. The law was published on March 27, 2021 and is expected to take effect on April 11, 2021.

CREATE aims to improve the equity and efficiency of the corporate tax system by lowering the rates, widening the tax base, and reducing tax distortions and leakages, as well as developing a more responsive and globally competitive tax incentive regime that is performance-based, targeted, time-bound, and transparent. It is a unique piece of legislation since it encourages the flow of investments, which will in turn yield jobs for Filipinos, in all areas in the Philippines (most especially in the less developed areas of the country), while endeavoring to provide support to enterprises to recover and thrive even during any outbreak of diseases like the COVID-19 pandemic which we are currently battling.

Indeed, much clamor is being given to the reduction of corporate income tax from 30% to 25%/20% (as applicable) which is expected to encourage more inbound investments and give aid to entities already doing business in the country. However, other provisions of the new law may be as impactful in affecting investors’ attitude towards continuing business operations in the Philippines over neighboring Asian countries. This is especially true for existing registrants of Investment Promotion Agencies (IPAs), as these entities must now assess the impact of the provisions of the CREATE Act, such as the application of the sunset provisions and any options that may be available to them to enjoy incentives under the said law.

Sunset provisions for existing registered enterprises

True to its mandate to rationalize the grant of tax incentives, Section 16 of CREATE Act introduces Section 311 of the Tax Code which provides for the following sunset provisions applicable to existing IPA-registered entities which have been granted tax incentives prior to the effectivity of the CREATE Act:

It is clear under Section 311-A that entities granted with ITH incentive only prior to the effectivity of the CREATE Act will continue to enjoy the said incentive, as granted under the terms and conditions of their registration. In contrast, entities falling under Section 311-C or those currently enjoying 5% GIE granted prior to the CREATE Act’s effectivity shall continue to enjoy the same, albeit for a limited period of 10 years. We can say that this is consistent with the intention of the government to make incentives rational and time-based.

However, a plain reading of Section 311-B reveals that entities which were granted with ITH and 5% GIT after the lapse of ITH shall continue to enjoy only 5% GIT for 10 years, impliedly forfeiting any remaining ITH period. The law is silent on what will happen on the ITH incentive of these entities. This brings into question whether or not it is the intent of the law to forfeit the remaining years of ITH entitlement and limit the incentive to only 5% GIT for 10 years. Questions in the minds of taxpayers include whether or not the applicability of 5% GIT despite remaining years under ITH is in line with the CREATE’s intention to build a transparent and rational tax incentive scheme. Hopefully, the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR), in the implementing rules and regulations (IRR) which will be released within 90 days from the CREATE Act’s effectivity, will be able to provide sufficient and categorical guidance on what will happen to these entities’ ITH entitlement in view of Section 311-B.

On the possibility of enjoying tax incentives under CREATE Act

Another section of the CREATE Act which should be considered by existing IPA-registrants in assessing the impact of the CREATE Act on their businesses is on whether there is still a possibility, under the CREATE Act to continue enjoying incentives beyond the sunset provisions.

A closer look into the new Section 296 of the Tax Code provides that existing registered projects or activity prior to CREATE Act may qualify to register and avail of the incentives granted under CREATE Act for the prescribed period subject to the criteria and conditions set forth in the Strategic Investment Priority Plan (SIPP). The same section, under paragraph (B), further provides that after the expiration of the applicable transitory period, export enterprises may reapply and avail of the 5% Special Corporate Income Tax (SCIT) for 10 years subject to the conditions and qualifications set forth in the SIPP and the performance review by the Fiscal Incentives Review Board (FIRB).

The language of this Section seems to suggest that, notwithstanding the transitory periods, existing registered enterprises, whether export or domestic market enterprises, may qualify to register, and avail of the incentives granted under CREATE Act. Does this refer to an option to register under the CREATE Act, subject to the necessary conditions and approvals that may be required under the IRR, instead of continuing to enjoy the incentives under the transitory provisions? In the case of export enterprises, it seems that another available option is to continue to enjoy the incentives under the sunset provisions and thereafter avail the 5% Special Corporate Income Tax (SCIT) under the CREATE Act for another 10 years through a re-application, subject to the conditions and qualifications of the SIPP and FIRB’s performance review. Hopefully, the mechanics on how to implement, the parameters to obtain approval and the requirements on how to properly avail and other compliance and reporting requirements once applications are approved be clearly outlined in the IRR.

CREATE has indeed introduced innovative ways to retain and even encourage investments despite the existence of sunset provisions for existing registered enterprises. It also entails a massive undertaking on the part of the government agencies concerned to craft clear rules and guidelines to properly implement and enforce the CREATE Act’s provisions to stay true to its call for a globally competitive tax incentive schemes in the Philippines which are rational, equitable and transparent.

Marc O. Cabida is an Assistant Manager from the Tax group of KPMG R.G. Manabat & Co. (KPMG RGM&Co.), the Philippine member firm of KPMG International. KPMG RGM&Co. has been recognized as a Tier 1 tax practice and Tier 1 transfer pricing practice by the International Tax Review.

This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity.

The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG International or KPMG RGM&Co. For comments or inquiries, please email [email protected] or [email protected] .

The 2022 Strategic Investment Priority Plan (SIPP), economic acceleration activities begin implementation

Strategic Investment Priority Plan takes effect

The Strategic Investment Priority Plan (SIPP) within the Memorandum Order (MO) No. 61 was approved by President Rodrigo Duterte on May 24, 2022 and intends to function as a companion document to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law.

The law’s effectivity date was fifteen (15) days after publication in a general circulation newspaper, such as the Official Gazette. Since SIPP’s newspaper publication date was May 27, 2022, makes June 11, 2022, its date of effectivity; thus, it is now in the process of being implemented within the Philippine economy.

The government created the SIPP to identify industries needing further investments and determine if they should be given tax incentives to help with the process.

SIPP is divided into certain tiers and contains various government activities that would aid in improving the Philippine economy, such as a blueprint for those qualified for fiscal incentives, creating a more resilient and competitive economy, and utilising up-to-date research to accelerate economic transformation.

The program is in line with the updated Philippine Development Plan 2017-2022 , along with the goals of the Inclusive Innovation Industrial Strategy (i3S) of the Department of Trade and Industry and Pagtanaw 2050 of the Department of Science and Technology's National Academy of Science and Technology.

Additionally, some of its activities complement CREATE law’s reduction of income tax, which removed five percent (5%) up to ten percent (10%) rates, with large establishments going from 30 percent (30%) to 25 percent (25%) and to merely 20 percent (20%) for small and medium enterprises that have net taxable income not higher than PHP5 million.

It is stated that SIPP would be able to incentivise foreign investment by giving fiscal relief to both domestic and foreign investors doing business in the country. This would present the Philippines as a prime area to set up domestic operations, which can immensely accelerate economic activities and aid with the economy’s recovery from Covid-19.

SIPP Summary

SIPP’s plans for economic improvement are rather intricate; however, the following points are the key takeaways from the program.

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CREATE IRR, framework for SIPP now finalized, says DTI

THE Fiscal Incentives Review Board (FIRB) has finalized the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the Department of Trade and Industry (DTI) said.

Trade Secretary Ramon Lopez, who is cochairman of the FIRB, confirmed the status of the CREATE’s IRR on Tuesday at a virtual event.

“The framework for the SIPP [Strategic Investment Priorities Plan] has been passed by the [FIRB] and the [IRR] have just been finalized,” he said.

Asked for further information, Lopez told the BusinessMirror that an “update on IRR will be announced.”

The DTI and the Department of Finance, under the CREATE’s mandate, are provided 90 days from its effectivity—or until July 11—to sign the IRR. The new tax reform law took effect on April 11.

The IRR will cover the new menu of tax incentives for the investors and the additional functions of the FIRB.

The FIRB has consulted various stakeholders in crafting the CREATE IRR. The Philippine Economic Zone Authority, for example, earlier told this newspaper that it wants to highlight the tax incentives granted to company locators and ecozone development in the IRR.

While only the framework for the SIPP has been approved, the FIRB is using the 2020 Investment Priorities Plan (IPP) for now.

SIPP is the list of investment sectors that may apply for fiscal incentives under CREATE.

Lopez earlier identified the following as critical industries under SIPP: electrical and electronics; chemical and pharmaceuticals; machinery and transport; agriculture and agribusiness; information technology-business process management; research and development; and artificial intelligence, automation, robotics, and digital technologies.

Prior to the enactment of CREATE, IPP was already in place after it was signed by President Duterte in December last year. It identifies economic activities which may be entitled to incentives, including investments generating job opportunities outside of congested urban areas, commercialization of uncommercialized patents on products and services and export business, among others.

“Yes, the IPP is still being used as the transitional SIPP and the framework of both are very similar,” Lopez told the BusinessMirror.

Under CREATE, the corporate income tax rate is reduced to 20 percent from 30 percent for domestic corporations with net taxable income of P5 million and below and have total assets of P100 million and below effective July 1, 2020. All other local firms and resident foreign companies are imposed a 25-percent income tax.

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Duterte OKs strategic investment priorities plan

MANILA, Philippines — President Rodrigo Duterte has approved this year's strategic investment priority plan, which contains activities related to the fight against the COVID-19 pandemic and efforts to promote economic resilience.

The approval of the 2022 Strategic Investment Priority Plan is contained in Memorandum Circular No. 61 signed by Executive Secretary Salvador Medialdea by authority of the president last May 24.

The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act signed by Duterte in 2021 mandates agencies administering tax perks and the private sector to formulate the strategic investment priority plan and submit it to the President for approval. The document is the first list of priority activities that can avail of tax perks under the CREATE Act.

Under this year's plan, all activities listed in the 2020 Investment Priorities Plan are under Tier I unless listed in other groupings.

Preferred activities enumerated in the 2020 plan included those related to the fight against the pandemic namely essential goods such as medicines, medical, surgical and laboratory equipment, and medical supplies, tools and consumables; and essential services like quarantine and test facilities, health waste treatment and crematoriums.

Also in the 2020 investment priorities plan were investments in activities supportive of programs to generate employment opportunities outside of congested urban areas; all qualified manufacturing activities including the manufacture of industrial goods and processing of agricultural and fishery products; agriculture, fishery and forestry; strategic services like integrated circuits design, creative and knowledge-based services, maintenance, repair and overhaul of aircraft, charging and refueling stations for alternative energy vehicles, industrial waste treatment, telecommunications, and state-of-the-art engineering, procurement and construction.

Other items the 2020 plan were healthcare and disaster risk reduction management services like the establishment of hospitals, drug rehabilitation and evacuation centers; mass housing; infrastructure and logistics including public-private partnerships implemented by local governments; innovation drivers like research and development activities and clinical trials; inclusive business models like the activities of medium and large enterprises in agribusiness and tourism sectors that provide opportunities to micro and small enterprises as part of their value chains; environment or climate change-related projects and energy projects.

Also in the 2020 Investment Priorities Plan were export activities namely production and manufacture of export products, services exports, and activities designed to support exporters. The 2020 plan also covered activities where inclusion in the investment priorities plan is mandated for purposes of incentives. The activities were granted incentives under existing laws on tree plantation, mining, publication, petroleum products, persons with disability, renewable energy, tourism, and energy efficiency and conservation.

Activities under the Tier II of the 2022 Investment Priorities Plan aim to promote a competitive and resilient economy and fill in gaps of the Philippines' industrial value chains.

Included in Tier II are activities related to green ecosystems such as electric vehicle (EV) assembly, manufacture of EV parts, components and systems, establishment and operation of EV infrastructure; manufacture of energy efficient maritime vessels and equipment; energy efficiency and conservation projects; and other related endeavors; health-related activities such as manufacturing in support of the vaccine self-reliance program or other health-related programs; defense-related activities; activities designed to address industrial value chain gaps in steel, textiles, chemicals, green metals processing, crude oil refining, and lab scale water fabrication; and food security-related activities, including those that support organic agriculture, manufacture of animal vaccine, fertilizers and pesticides, and agricultural and fisheries machinery and equipment.

Tier III activities aim to accelerate the transformation of the economy by applying research and development and attracting technology investments. The items under the grouping are research and development and activities adopting advanced digital production technologies of the fourth industrial revolution such as robotics, data analytics and artificial intelligence; highly technical manufacturing and production of innovative products and services like manufacture of equipment, parts and services, commercialization of intellectual property and research and development products and services; aerospace, medical devices, internet of things devices and systems, full-scale water fabrication and advanced materials; and establishment of innovation support families like research and development hubs and science and technology parks.

All agencies were directed to issue the necessary regulations to ensure the implementation of the plan. All investment promotion agencies were also instructed to facilitate and expedite the setting up and conduct of registered projects or activities through the one-stop action center. Local governments and other agencies are expected to coordinate with investment promotion agencies to comply with the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.

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IMAGES

Briefing and Updates on the 2022 Strategic Investment Priority Plan (SIPP)
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COMMENTS

Board of Investments
Board of Investments | Board of Investments Philippines
The Philippines' 2022 Strategic Investment Priority Plan
The SIPP lists activities that qualify for investment incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. The CREATE Act is major fiscal stimulus legislation that came into force in 2021 to aid the Philippines' recovery from COVID-19-related economic disruption.
Duterte OKs 2022 strategic investment priority plan
The CREATE Law, which took effect on April 11, 2021, reduced corporate income tax (CIT) from 30 percent to 25 percent for large corporations and to 20 percent for small and medium enterprises that have net taxable income not higher than PHP5 million.
Memorandum Order No. 61 s. 2022
APPROVING THE 2022 STRATEGIC INVESTMENT PRIORITY PLAN. APPROVING THE 2022 STRATEGIC INVESTMENT PRIORITY PLAN. GOVPH; Philippine Standard Time: source: PAGASA. Feedback; ... Edited at the Office of the President of the Philippines Under Commonwealth Act No. 638. Memorandum Order No. 61 s. 2022. Signed on May 24, 2022. Office of the President Of ...
PDF Proposed Strategic Investment Priority Plan (SIPP)
STRATEGIC INVESTMENT PRIORITIES PLAN A. Sec. 300 (A): Priority projects included in the PDP or its equivalent , taking into account any of the following: 7. PROMOTION OF MARKET COMPETITIVENESS 8. ENHANCEMENT OF THE CAPABILITIES OF FILIPINO ENTERPRISES AND PROFESSIONALS TO PRODUCE AND OFFER INCREASINGLY SOPHISTICATED PRODUCTS AND SERVICES 10.
SIPP to start in January 2022
Implementation of the Strategic Investment Priorities Plan (SIPP), a list of priority areas that will be entitled to tax incentives under the new Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, is expected to take effect in January 2022.
SIPP to focus on innovation-driven investments
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.
APPLY FOR INCENTIVES
Step 1: Check if your proposed project or activity is included in the Philippines' Strategic Investment Priority Plan (SIPP). The SIPP contains projects or activities that promote long-term growth and sustainable development. You may check the current SIPP here.
Approving the 2022 Strategic Investment Priority Plan
The Strategic Investment Priority Plan The 2022 Strategic Investment Priority Plan (SIPP) List of Priority Activities I. Tier I This includes all activities listed in the 2020 Investment Priorities Plan, as amended by Memorandum Circular No. 2021-005 1, unless listed herein under Tier II or Tier III . II. Tier II
2020 IPP to remain transitional list
MANILA, Philippines — The 2020 Investment Priorities Plan (IPP) could serve as the transitional list of sectors to be promoted for investments and qualified for incentives while the...
FIRB adopts framework for investment perks applications
MANILA - The Fiscal Incentives Review Board (FIRB) has adopted the framework for the grant of incentives to qualified industries under the government's Strategic Investment Priorities Plan (SIPP) that aims to attract high-value, labor-intensive investments that will create more jobs and further sharpen the Philippines' competitiveness in the global market.
The Philippines' 2022 Strategic Investment Priority Plan
The CREATE Act is major fiscal stimulus legislation that came into force in 2021 to aid the Philippines' recovery from COVID-19-related economic disruption. The SIPP builds on the 2020 Investment Priorities Plan (IPP), which granted incentives for areas the government deemed to be priorities for investment amid the initial outbreak of COVID ...
What CREATE uncertainties?
The law was published on March 27, 2021 and is expected to take effect on April 11, 2021. CREATE aims to improve the equity and efficiency of the corporate tax system by lowering the rates, widening the tax base, and reducing tax distortions and leakages, as well as developing a more responsive and globally competitive tax incentive regime that ...
The 2022 Strategic Investment Priority Plan (SIPP), economic ...
29 June 2022 The Strategic Investment Priority Plan (SIPP) inside the Memorandum Order (MO) No. 61 has begun implementation, and activities stated to increase economic resiliency, adaptability, and accelerate transformation are now in progress.
BOI, Peza set varying investment goals in '21
Investments registered with the BOI last year declined by more than 10 percent to P1.02 trillion, from P1.14 trillion in 2019. In spite of the drop, the agency managed to surpass its expectation ...
PDF Official Gazette of the Republic of the Philippines
APPROVING THE 2020 INVESTMENT PRIORITIES PLAN Pursuant to Article 29 of Executive Order (EO) No. 226 (s. 1987) or the "Omnibus Investments Code of 1987," as amended, the attached 2020 Investment ... THE PRESIDENT OF THE PHILIPPINES . Created Date: 11/19/2020 6:00:40 PM ...
CREATE IRR, framework for SIPP now finalized, says DTI
Trade Secretary Ramon Lopez, who is cochairman of the FIRB, confirmed the status of the CREATE's IRR on Tuesday at a virtual event. "The framework for the SIPP [Strategic Investment Priorities ...
Duterte OKs strategic investment priorities plan
MANILA, Philippines — President Rodrigo Duterte has approved this year's strategic investment priority plan, which contains activities related to the fight against the COVID-19 pandemic and ...