Health projects entitled to perks; RCEP nod sought

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The Department of Trade and Industry (DTI) said health and life sciences (HLS) projects by enterprises will be entitled to incentives.

But at the Senate hearing of the committee on trade, commerce and entrepreneurship on Monday, DTI Secretary Alfredo Pascual stressed the importance of the ratification of the Regional Comprehensive Economic Partnership by the Senate if the country seeks investments in the HLS and other industry clusters. “We’ve always been asked by prospective investors, like foreign chambers, about how soon they’ll see the ratification of RCEP because the companies in their respective jurisdictions are asking them (this) before they consider investments in the Philippines,” Pascual said.

Senate failed to ratify the agreement before they ended its session last June. RCEP is one of the key legislative priorities presented by the DTI to the body last Monday.

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Pascual told the hearing activities in LHS may be registered with the Board of Investments (BOI). This was in response to a question of Sen. Pia Cayetano who asked if the DTI is open to considering granting, for a limited time, tax- free importation of health equipment to improve access to specialty hospitals.

“Definitely, we welcome any tools to facilitate establishment of enterprises in these industry clusters that we have identified. by industrializing especially the areas we have identified, we’ll be able to provide higher quality jobs and higher paying jobs. So we welcome any move to make it to facilitate, for example, the provision of equipment needed by enterprises. Most likely the enterprises that will be going into these clusters will be registered with the BOI. So they will be enjoying these incentives offered to investors,” said Pascual.

The other industry clusters he was referring to are the industrial manufacturing and transport cluster and the technology, media and telecommunication cluster.

But Pascual clarified most of the investors in these industry clusters are foreign investors in partnership with local entities.

“The target of these industry clusters is the export market. We want these enterprises to be participating in the global value chains…the products produced under these clusters,” Pascual said. IRMA ISIP

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