Philippine President Benigno Aquino has approved the 2014 Investment Priorities Plan (IPP). The IPP, which includes the annual listing of activities that are eligible for fiscal and non-fiscal incentives, including income-tax holiday and hiring of foreign nationals, was endorsed to the President by the Department of Trade and Industry and the Board of Investments last July.
The President also signed Memorandum Order No. 74 which “enjoins all government agencies to issue the necessary regulations to ensure the ‘synchronized and integrated’ implementation of the IPP, pursuant to Executive Order No. 226 (s. 1987) or The Omnibus Investment Code of 1987.”
The 2014 IPP contains the preferred activities including four sectors – manufacturing, agribusiness and fishery, services, and public infrastructure and logistics; as well as four specific activities – energy, housing, hospitals and public-private partnership projects.
For export activities, the list covers the production and manufacture of export products, services exports, and activities in support of exporters.
The 2014 IPP also includes activities under special laws that provide for the mandatory inclusion of the activity in the IPP and/or grant of incentives.
It also contains the ARMM List, which lists the priority investment areas determined by the Regional Board of Investments.