MANILA, Philippines - The Board of Investments (BOI) said the 2014 Investment Priorities Plan (IPP) will be valid for three years.
In a statement, the BOI said the IPP's validity will end in 2016, when the Philippine Development Plan also ends.
The IPP had previously been reviewed and changed on an annual basis for the last 40 years.
"A consistent, coherent, and a predictable policy environment attracts serious investors to choose the Philippines as their investment destination. We are after businesses that come here for the long term," Trade Undersecretary Adrian Cristobal Jr., managing head of the BOI, said.
The BOI has been conducting inter-agency consultations and deliberations on the 2014 IPP framework since late last year, as well as analyzed industry roadmaps, reviewed national development plans and industry studies.
The latest draft focuses on sub-sectors and economic activities that address specific supply- or value-chain gaps.
"The IPP serves both as a developmental tool for investment decisions of the private sector, and as a promotional tool for government to encourage first movers in new investment areas. More than a list of economic activities, the 2014 IPP will articulate the country’s industrial policy, strategies, and provide an appropriate response to the key constraints that hinder the entry of investments in critical areas of the economy," Cristobal said.
The BOI has scheduled nationwide consultations on the 2014 IPP this month. Consultations in Metro Manila will be held from May 7 to 9, and followed by consultations in Cebu on May 12 and in Davao, on May 13.