PRESIDENT Rodrigo R. Duterte has approved a 2022 strategic investment plan that lists activities eligible for tax incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
The 2022 Strategic Investment Priority Plan was approved through a memorandum circular signed by Executive Secretary Salvador C. Medialdea on May 24.
The plan included all activities listed in the 2020 Investment Priorities Plan’s Tier 1, such as those related to the containment of coronavirus disease 2019 (COVID-19) pandemic and production and manufacture of export products, services exports, and activities designed to support exporters.
Items in the 2020 plan, considered as the Tier I, include healthcare and disaster risk reduction management services like the establishment of hospitals, drug rehabilitation and evacuation centers; mass housing; infrastructure and logistics including public-private partnerships implemented by local governments; innovation drivers like research and development activities and clinical trials; inclusive business models like the activities of medium and large enterprises in agribusiness and tourism sectors that provide opportunities to micro and small enterprises as part of their value chains; environment or climate change-related projects and energy projects.
Activities under the Tier II of the 2022 plan aim to promote a competitive economy and boost the Philippines’ industrial value chains.
These include those related to green ecosystems such as electric vehicle (EV) assembly, manufacture of EV parts, components and systems, establishment and operation of EV infrastructure; manufacture of energy efficient maritime vessels and equipment; and energy efficiency and conservation projects.
Tier III, meanwhile, includes technology and research and development investments, such as those related to robotics, data analytics, artificial intelligence,
It includes highly technical manufacturing and production of innovative products and services like manufacture of equipment, parts and services, commercialization of intellectual property and research and development products and services; aerospace, medical devices, internet of things devices and systems, full-scale water fabrication and advanced materials; and establishment of innovation support families like research and development hubs and science and technology parks.
The order directs all agencies to issue the necessary regulations to ensure the implementation of the plan.
It mandates investment promotion agencies to facilitate and expedite the setting up and conduct of registered projects or activities through a one-stop action center. — Kyle Aristophere T. Atienza