spot_img
27.9 C
Philippines
Saturday, April 20, 2024

BoI to expand perks on tourism and agri

- Advertisement -

The Board of Investments plans to lift the geographic restrictions on incentives granted to tourism and agricultural projects under the 2017 Investments Priorities Plan to promote domestic manufacturing and increase the participation of local enterprises, especially micro, small and medium enterprises.

Trade Undersecretary and Board of Investments managing head Ceferino Rodolfo said Friday the BoI was consulting with the Tourism and Agriculture Departments to expand the scope of the income tax holiday to other tourism and agriculture activities.

“In the 2014 IPP, we intended to push projects outside Manila. Now, with the increase in tourism and the growing demand in agriculture, we are thinking of lifting the locational restrictions,” he said.

Trade Undersecretary and Board of Investments managing head Ceferino Rodolfo

Under the 2014 to 2016 IPP, incentives to hotels were limited to less developed areas but with high demand. The BoI decided to review the incentives plan after noting increasing visitor arrivals.

Highly concentrated areas like Metro Manila, Cebu City, Mactan Island and Boracay Island were excluded from the ITH under the current IPP.

- Advertisement -

The BoI also plans to give incentives to agricultural activities such as poultry and piggery by lifting the locational restrictions in these sectors.

Poultry and piggery projects that qualify for incentives earlier were limited to Mindoro, Palawan and the Autonomous Region in Muslim Mindanao.

Other possible changes under the proposed 2017 IPP include the strengthening of inclusive business, the broadening of the definition of manufacturing and granting incentives to MSMEs.

“We will also try to resurrect sunset industries, especially in manufacturing,” Ceferino said.

He cited the production of electronic consumer goods such as television sets, including the white line like refrigerators.

“There is the opportunity now to produce these consumer goods here in the Philippines because of the economic situation. There is a business case for companies to locate their production facilities here. Market demand for consumer items is increasing, it is for them to take advantage of the big market here,” he said.

The 2017 IPP is expected to be published in the next two weeks.

- Advertisement -

LATEST NEWS

Popular Articles