The Board of Investments (BOI) said it is aiming to receive approval for the three-year Strategic Investment Priority Plan’s (SIPP) latest version this quarter or before September at the latest.
The SIPP identifies priority investment activities that are eligible for fiscal and non-fiscal incentives, such as income tax holiday of up to seven years and 5 percent corporate income tax rate, among other tax perks.
BOI Director Sandra Recolizado, in a text message on Sunday, said they will present the 2025-2027 SIPP to the Fiscal Incentives Review Board (FIRB) on July 19.
Once approved by the FIRB, she said the next step is for the BOI Board to approve the SIPP. This crucial document will then be submitted to the Office of President Ferdinand Marcos Jr. for the issuance of an executive order.
On Saturday, July 5, the BOI said it is working with the FIRB and other investment promotions agencies to ensure that the SIPP reflects evolving national priorities and global economic trends.
The BOI has yet to set a target for the new SIPP blueprint, but it said that the current SIPP 2022-2024 is expected to generate 132,000 jobs from the P3.38 trillion worth of investments approved under the strategic plan.
For the June 2022 to December 2024 SIPP, the top-performing sectors are renewable energy with P2.58 trillion or 76 percent of the total; digital infrastructure with P295.14 billion or 8.7 percent; and logistics and supply chain-related investments worth P168.24 billion, accounting for 5 percent.
Other sectors with substantial capital include information and communication, transport and storage, and mining and quarrying, but the BOI did not provide the figures.
Trade Undersecretary and BOI Managing Head Ceferino Rodolfo highlighted the SIPP’s strategic role in positioning the Philippines as a hub for smart and sustainable manufacturing and services.
“The SIPP is shaping the Philippines’ future as a hub for innovation and green growth. We are committed to ensuring that these investments drive not only economic gains but inclusive development,” he said.
Basically, SIPP is a roadmap for identifying industries and activities eligible for fiscal incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act, or CREATE MORE.
Investments are categorized into three tiers, with Tier I focusing on job creation and essential sectors such as healthcare, disaster risk reduction, environment-related projects, agriculture, innovation drivers, mass housing, renewable energy, and infrastructure.
Tier II covers green ecosystems, health-related activities, defense-related activities, industrial value chains, and food security; while Tier III are research and development, highly technical manufacturing, and production of innovative products and services and innovation support facilities.
