April 23, 2018, 7:42 am
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Perks set for beefed up industrial policy

The Department of Trade and Industry (DTI) is pushing for the creation of domestic economic zones which would be given incentives in support of the government’s new industrial  strategy.

Ramon Lopez, DTI secretary, said the country’s new industrial policy dubbed as Inclusive Innovation Industrial Strategy (i3S) would establish i3 zones or parks without walls, where universities and industrial hubs could work together and collaborate on innovation initiatives.

The policy calls for the grant of fiscal and non-fiscal support to promote local manufacturing of key products that are heavily imported like pharmaceutical products or medical devices.

Lopez said to encourage more investments and change in mindset, i3S would provide incentives on research and development and innovation, as well as tax deductions on trainings and workers’ skills upgrading. 

“The establishment of domestic ecozones is vital in building industry clusters that can provide a fertile environment for innovation and inter-firm cooperation leading to competitiveness improvements,” Lopez said. But he noted the incentives to be provided in domestic ecozones will be rationalized, with applicable domestic taxes like value added and excise will be paid by locators just like other companies located outside domestic

The i3S aims to grow and develop globally competitive and innovative industries.  

“With intense competition due to rising globalization, regional economic integration, and disruptive technologies, innovation is crucial for the inclusive and sustainable growth of the economy, particularly manufacturing,” said Lopez.
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