BoI to include Marawi City, others in investment priority areas
The Board of Investments has proposed the inclusion of Marawi City and affected adjacent communities in the list of Less Developed Areas to attract investments and create more jobs for residents and displaced persons.
“Listing these areas as LDAs will encourage more investors, both local and foreign, to seriously look into investment opportunities in the said areas,” said Trade Undersecretary and BoI managing head Ceferino Rodolfo.
Investment projects under LDAs are entitled to maximum incentives provided under the Omnibus Investments Code, including a 100-percent deduction from taxable income of major infrastructure works under the 2017 Investment Priorities Plan.
Among the activities entitled to incentives are manufacturing, agribusiness, services, infrastructure, logistics, power generation, and mass housing.
The BoI is approving investment projects that create impact and those that are socially-relevant and labor-intensive and promote innovation.
Earlier in 2016, the BoI approved the inclusion of 134 calamity-stricken cities and municipalities including those devastated by Typhoon Yolanda in the list of LDAs in the 2014-2016 IPP.
The initiative aims to stabilize and speed up the rehabilitation and re-development in the areas devastated by the super typhoon in 2013.
The BoI approved 92 projects worth P141.36 billion on Yolanda-devastated areas from November 2013 to October 2017 that will generate around 12,622 in new jobs at full operations.
About 83 percent of the approved investment projects were in the power sector. They included 27 renewable energy project, two bunker-fired power plants, one diesel generator, an energy storage and one energy source exploration.
The balance of the registered investment activities are shared by the sectors of transportation and storage, manufacturing, real estate activities, mostly mass housing projects, accommodation and food service.
Trade Secretary and BoI chairman Ramon Lopez reassured foreign and local investors that the government was prioritizing the restoration of peace and order in the country, and safeguarding the citizens and the security of businesses and investments.
“We wish to reassure our investors that the peace and order climate in the country remains stable and sound,” he said, adding the government guarantees the protection of investments and the right to repatriate profits.