SIPP out by yearend

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The Board of Investments (BOI) sees the new list of industries qualified for incentives under the newly-passed CREATE to be out within the year or early 2022.

Meantime, the BOI urged companies to continue applying for registrations in any of the investment promotions agencies (IPAs) using the current Investment Priorities Plan (IPP) as the guide.

Trade Secretary Ramon Lopez and BOI chair at a forum over the weekend said the Fiscal Incenties Review Board in its first meeting agreed to adopt the current IPP as the transition list while the Strategic IPP (SIPP) is being drafted so “we will hit the ground running.”

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“All the applied projects can be processed immediately and there will be no delay, and that we can immediately, hopefully, convert those projects and investments into new jobs. That is the objective of FIRB to fasttrack this and welcomes new investments,” Lopez said.

BOI managing head Ceferino Rodolfo in the same forum urged business to continue applying with the other investment promotion agencies and not just the BOI such as the Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, Clark Development Corp. etc where Tprojects are assured Tier 1 incentives which have shorter period without prejudice to upgrading later on to Tier 2 or Tier 3 should they be qualified in SIPP.

“Approvals and grant of incentives will continue as we hold consultations and finalizing the SIPP,“ Rodolfo said.

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