President Duterte has signed an executive order laying down the list of economic activities entitled to incentives as provided by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law.
The Department of Trade and Industry (DTI) said the Strategic Investment Priorities Plan (SIPP) builds on the gains generated from a number of major economic reforms that make the Philippines a very attractive investment destination.
“This brings further optimism among those investors intending to start or expand their operations in the country,” the DTI said.
The issuance of the SIPP is also seen supporting the government’s COVID-19 recovery strategy as it will allow investors to qualify for longer tax incentives for more sophisticated activities.
This will also put an end to the policy uncertainties among foreign investors who have been waiting for the SIPP’s release .
Priority projects and activities in the SIPP will be categorized into three tiers: Tier 1 include all activities under the 2020 Investment Priorities Plan; Tier 2 incentives may be granted to activities supportive of establishing a competitive and resilient economy and; Tier 3 are those that support an accelerated transformation of the economy.
