Tuesday, July 5, 2022
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Biz Plus

Review board adopts incentives framework for qualified firms

Julito G. RadabyJulito G. Rada
June 6, 2021, 7:45 pm
in Biz Plus
Reading Time: 3 mins read
A A
73
SHARES
Share on FacebookShare on TwitterShare on Email

The Fiscal Incentives Review Board adopted the framework for the grant of incentives to qualified industries under the Strategic Investment Priorities Plan that aims to attract high-value, labor-intensive investments to make the Philippines more competitive in the global market.

The Finance Department said over the weekend that as provided in the newly-signed Corporate Recovery and Tax Incentives for Enterprises law that rationalized the corporate tax incentives for investors, “this framework puts flesh into the SIPP.”

It said the menu and length of incentives that would be offered to corporations or investors would depend on the tier classification of the enterprise applying for the investment perks.

Tier 3, which covers sectors considered “critical to the structural transformation and industrial revolution of the economy”, will receive the longest period of incentives.

This SIPP framework was drafted by the Department of Trade and Industry-Board of Investments.

ADVERTISEMENT

The three-tier structure of the incentives offered to priority investors is already contained in the CREATE law.

After the adoption of the framework, Finance Secretary and FIRB chairman Carlos Dominguez III asked the DTI to identify at least two leading companies in each of the industry tier and determine what incentives should be offered to potential investors to encourage them to set up shop in the Philippines.

“Let’s already identify these firms. Let’s take a couple in tier one, a couple in tier two, and a couple in tier three, and let’s do the research on them. Then, offer them and ask them: ‘what will it take for you to come here?’’ Dominguez said during the FIRB’s second meeting last week.

Dominguez said the investment promotion agencies could undertake these tasks.

DTI Secretary Ramon Lopez agreed with the proposal, which would now transform the IPAs into “marketing arms” rather than for them to merely function as processing agencies for investment applications.

The FIRB also approved Dominguez’s recommendation to let the board approve tax incentives for all investments amounting to over P1 billion per venture until the end of 2022.

After this period, the approval of incentives for investments of more than P1 billion but not more than P3 billion per venture would be delegated to the FIRB technical committee, which is chaired by Finance Undersecretary Antonette Tionko of the Revenue Operations Group.

The FIRB also approved during the meeting a proposal by Budget Secretary Wendel Avisado to put in place an appeals process for investment projects disapproved by the technical committee. Such actions may be appealed with the FIRB board proper.

A recommendation by Tionko to provide the board with a list of approved and disapproved investment projects was also approved.

DTI Undersecretary Rafaelita Aldaba discussed during the meeting the SIPP’s features under the CREATE law.

Under the SIPP, Tier 1 covers investments with high potential for creating jobs, value creation and providing essential support to sectors critical to industrial development, as well as emerging industries with potential comparative advantage, Aldaba said.

Falling under this category are, among others, modern agriculture and food processing; agricultural production using modern technologies; design-focused industries such as furniture, games and toys, jewelry and garments; energy efficiency and environment-friendly activities; health and medical products; industrial parks; and ports, airports and seaports.

Aldaba said Tier 2 includes the manufacture of supplies, parts, and components not produced in the country, to encourage import substitution and address gaps in the domestic supply/value chain.

These activities, among others, are the production of iron, steel and non-ferrous metals, copper rods, plastics and synthetics in primary form, basic chemicals, and pharmaceuticals.

The production of fiber optic cables, refined petroleum, semiconductor devices and other electrical components and machinery and equipment are also classified under Tier 2.

Tier 3 involves research and development activities that yield significant high-value added results and higher productivity; breakthroughs in health and science; generation of new knowledge; commercialization of patents, industrial designs, copyrights and utility models; and highly technical manufacturing.

Samples of activities under this tier include vaccine development and production; manufacture of 3D printers, drones, robots, electrical vehicles, plug-in hybrid electrical vehicles, and optical image devices; establishment of smart factories and smart cities, and predictive agriculture, Aldaba said.

Also covered by Tier 3, she said, are the introduction of new products that embed new technologies; adoption of innovative processes using industry 4.0 technologies such as artificial intelligence, machine learning and internet of things.

Tags: Board of InvestmentsCarlos Dominguez IIIDepartment of Trade and IndustryEconomyFiscal Incentives Review Board
ADVERTISEMENT
Julito G. Rada

Julito G. Rada

Related Posts

China’s property company Shimao fails to pay $1-b worth of bonds

byAFP
July 4, 2022, 6:30 pm
0
148
Banaag assumes post as Bright Kindle director

BEIJING, China—Chinese developer Shimao Group said it has failed to make payment on a $1 billion bond that matured Sunday,...

Read more

MARCVENTURES HOLDINGS, INC.: Notice of the Annual Stockholders’ Meeting

byManila Standard
July 4, 2022, 2:33 pm
0
136
Marcventures receives 3 ISO re-certifications for quality standards

00

Read more

MARINA employees criticize appointments

byManila Standard
July 3, 2022, 6:00 pm
0
509

Employees of the Maritime Industry Authority criticized the alleged illegal appointments of officers-in-charge (OICs) made by former MARINA administrator Robert...

Read more

Bulacan Stevia queen wants to change beverage industry

byRoderick T. dela Cruz
July 2, 2022, 8:00 pm
0
201
Lady executive now leads EastWest

A Bulacan-based entrepreneur wants to change the Philippine beverage sector by introducing Stevia-sweetened drinks for diabetic consumers and those with...

Read more

SariSuki’s logistics unit promises 15-minute grocery items delivery

byOthel V. Campos
July 2, 2022, 7:50 pm
0
256
Lady executive now leads EastWest

E-commerce social enterprise SariSuki announced the creation of a dedicated logistics unit to serve the fast-growing network of retail members...

Read more

P&A Grant Thornton welcomes new partners

byOthel V. Campos
July 2, 2022, 7:40 pm
0
186
Lady executive now leads EastWest

P&A Grant Thornton, one of the leading audit, tax, advisory and outsourcing firms in the Philippines, announced the entry of...

Read more

Stories you may like

  • Denying Villafuerte justice

    Starting on the wrong foot

    3036 shares
    Share 1214 Tweet 759
  • Of course, it was BBM’s project

    33239 shares
    Share 13296 Tweet 8310
  • The next, now, or never in new romance film ‘Ngayon Kaya’

    2346 shares
    Share 938 Tweet 587
  • Property relations in marriage

    1123 shares
    Share 449 Tweet 281
  • Herbosa will make an excellent DOH Secretary

    2076 shares
    Share 830 Tweet 519

Print Edition

View More

Recent Posts

  • Sneakers for Makati : AB4.0
  • BBM tackles food shortage
  • Xi to invite Marcos to visit China, Beijing’s top diplomat set to arrive
  • Bautista nixes status quo in land transport
  • Palace: Evaluation of candidates for still-vacant posts in final stage
  • All’s not lost for Bulacan freeport, government to back bill once ‘corrected’
  • Big price cuts on diesel, LPG, but gas unchanged
  • Average daily COVID cases jump 60%, OCTA sees drop next week

Advertisement

Latest News

All’s not lost for Bulacan freeport, government to back bill once ‘corrected’

byMacon Ramos-Aranetaand1 others
July 5, 2022, 1:00 am
0
139
Vax wastage, infection surge feared in Odette-hit areas

President Ferdinand Marcos Jr. will fully support the establishment of a special economic zone and freeport adjacent to the proposed...

Read more

Big price cuts on diesel, LPG, but gas unchanged

byAlena Mae S. Floresand1 others
July 5, 2022, 12:50 am
0
139
Gov‘t on alert over inaugural disruption buzz

Oil companies cut pump prices by as much as P3.40 per liter effective 12:01 a.m. Tuesday to reflect the movement...

Read more

Average daily COVID cases jump 60%, OCTA sees drop next week

byWillie Casas
July 5, 2022, 12:40 am
0
140
Laguna officials, huge crowd go for BBM, Sara

The Philippines logged 7,398 new COVID-19 cases from June 27 to July 3, 2022 with a daily average of 1,057...

Read more

Medical reserve corps bill pushed

byMaricel Cruz
July 5, 2022, 12:30 am
0
144
Fiction comes to life: How to Murder Your Husband

Three legislators led by Leyte 1st District Rep. Martin G. Romualdez have proposed the creation of a Medical Reserve Corps...

Read more

SC strikes down ERC regulation on power mart

byRey E. Requejo
July 5, 2022, 12:20 am
0
150
ERC approves NGCP-SMGCP deal

The Supreme Court has nullified the order issued by the Energy Regulatory Commission (ERC) that regulated the prices in the...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App