Trade Secretary Ramon Lopez stressed the significance of enforcing to the letter the 2020 Investments Priorities Plan to help companies and businesses recover from the crisis.
The IPP 2020, signed by the President in December 2020, has been consulted with stakeholders—both private and public, including the National Economic Development Authority and Department of Finance.
“It was crafted as a tool to hasten the V-Shaped recovery anchored on the REBUILD Strategy and provides teeth to the Balik Probinsya Program,” Lopez said.
With the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law becoming effective April 11, the 2020 IPP plans to provide at least the most basic incentive (TIER 1) to sectors, with the 2020 IPP serving as the Transition Strategic IPP until the end of December 2021.
The Fiscal Incentive Review Board is set to call for a meeting to discuss incentives for the reopening sectors together with the implementing rules and regulations of the CREATE Law, Lopez said.
