Philippines investment opportunities include the tourism sector
The Philippine Board of Investments (BOI) disclosed the priority areas of investments as indicated in the approved 2012 Investments Priority Plan (IPP) during an investment roadshow held recently, here.
BOI Governor Oliver B. Butalid revealed that the development and operation of primary, secondary, and tertiary hospitals is one of the newest sectors covered under the 2012 IPP preferred areas of investments.
It’s the first time that we are opening up this category to encourage the business sector to help the government provide more treatment facilities, he said.
He further said that the investments in disaster prevention, mitigation, and rehabilitation are also covered by the IPP.
This includes the manufacturing and assembly of goods and equipment connected to disaster management and other related services such as salvaging operations, early warning systems, oil spill cleanup, bridge rehabilitation, and flood control services.
We are encouraging investments in this category because we would like the people to support the government in terms of undertaking activities and services related to disaster management, he added.
Butalid said the 2012 IPP also highlighted investments in green projects like the manufacture or assembly of goods and equipment, and other facilities that will lead to efficient use of energy and natural resources, reduce green house gasses, and minimize pollution.
For the agribusiness sector, investments that are eligible for incentives cover commercial production, including crops planted in new areas, poultry and livestock; commercial processing of locally grown raw materials and animal or aqua feeds; fertilizers and pesticides business; and agricultural services such as post harvest facilities and mechanized harvest.
The creative and knowledge-based industries, on the other hand, covers non-voice business process outsourcing (BPO) and IT-enable services with original content such as software development, animation, engineering design, and game development.
Butalid said incentives will also be provided to those who will invest in the tourism sector.
He said this includes transportation facilities, accommodation facilities, health and wellness facilities, retirement villages, and historical destinations.
He explained that historical destinations are covered because the BOI supports the move of the National Historical Institute in encouraging the business sector to help restore historical landmarks and monuments.
The other preferred areas of investments are shipbuilding; iron and steel; mass housing; energy; infrastructure and public private partnership; research and development; motor vehicles; and strategic projects.
The BOI Governor said the incentives that investors can avail of include income tax holidays or exemptions and duty-free importation of capital equipment, among others. (Apipa P. Bagumbaran-PIA-10)