2014 incentives plan awaiting PNoy's nod

By Catherine N. Pillas, BusinessMirror

Posted at Jul 10 2014 07:28 AM | Updated as of Jul 10 2014 03:28 PM

MANILA - The much-awaited 2014 Investment Priorities Plan (IPP) has been signed by Trade Secretary Gregory L. Domingo, and is now awaiting President Aquino’s final approval.

Board of Investments (BOI) Governor Lucita P. Reyes said they expect Malacañang to put only minor changes, probably in the foreword of the annual listing of activities that are eligible for fiscal and non-fiscal incentives, including income-tax holiday and hiring of foreign nationals.

The preliminary list disclosed by the BOI includes manufacturing, under which motor vehicles, engineered products, chemicals, including fertilizers and pesticides, copper wire rod, Paper pulp, tool and die fall.

For agribusiness and fishery activities, included are extraction of natural ingredients, mechanized agricultural support services and agricultural infrastructure support.

The list also includes economic and low-cost housing, both vertical and horizontal.

Under energy, those specified are energy exploration, development of energy sources and power-generation plants.

Public infrastructure and logistics are in the preliminary list as well, including airports and seaports, newly purchased ships, aircraft, seaplanes and roll-on, roll-off vessels.

Completing the preliminary list of preferred activities are public-private partnership projects.

For export activities, the list specifies production and manufacture of export products, services exports and activities in support of exporters.

The Special Laws recognized in the preliminary list are: industrial tree plantation, mining, publication or printing of books/textbooks, refining, storage, manufacturing and distribution of petroleum products, rehabilitation, self-development and self-reliance of persons with disability, renewable energy and tourism.

Domingo, Reyes said, signed the 2014 IPP upon his return from a trip abroad last week.

Trade Undersecretary for Industry Development and Policy Development Adrian S. Cristobal Jr. said the 2014 IPP is aligned with the Philippine Development Plan.

For more Businessmirror stories, go here.