The public consultation was attended by representatives from BOI registered firms, MSMEs (micro, Small and Medium Enterprises), academe, traders, regional line agencies, local government and private groups in the business industry from regions 1, 2, 3 and Cordillera Region.
DTI Industry Development and Trade Promotions Group Assistant Secretary Rafaelita Aldaba presented the Strategic Investment Priority Plan (SIPP) framework and criteria while Department of Finance Research and Information Office Director Juvy Danofrata discussed the proposed incentives package under the TRABAHO Bill.
Aldaba explained that the TRABAHO Act which passed third reading in Congress, generally aims to boost the county’s competitiveness as an investment area. With businesses coming in, it will also bring in more job opportunities for the Filipino workforce – be it new graduates, underemployed or unemployed.
It also rationalizes the tax incentive system of the country to ensure efficiency, equity and simplicity that can provide better investment climate for local and international investors to come in.
She stressed the need to focus the country’s tax incentives system to the industries where the Philippines has strength or can be competitive and to those that have untapped available resources.
The Strategic Investment Priority Plan or CIPP that is being presented in consultations in the different parts of the country plays an important role to achieve the proposed bill’s objective, she said.
Danofrata assured that the TRABAHO Bill will not bring in additional or new taxes for the people as it only about ensuring that the country’s tax incentives system is focused on encouraging investments that promote growth for the country and more job opportunities for the Filipino people.
Aldaba also disclosed that the country has I3s or Inclusive Innovation Industrial and Comprehensive National Industrial Strategy that aims to integrate industries, close industry supply chain gaps and address fragmentation of production systems as guide. (JDP/CCD –PIA CAR with Carla Chua- SLU Intern)