CAGAYAN DE ORO CITY (PIA)–Department of Trade and Industry-Board of Investments (DTI-BOI) presented its Strategic Investment Priority Plan (SIPP) through a roadshow, here, July 26 featuring Republic Act (RA) 11534 or the Corporate Recovery and Tax Incentives for Enterprises or the CREATE law.
Lourdes Ellen Kionisala, BOI Cagayan de Oro chief, said CREATE was signed into law early last year, and signaled the lowering of the corporate income tax, from 30%-25% for large corporations, and 20% to micro, small and medium corporations.
“For us here in northern Mindanao, the law also highlighted the government’s thrust for economic development in the countryside,” she said.
Evariste Cagatan, Executive Director BOI Investment Promotion Service said SIPP is the country’s investment plan, containing the list of priority industries, investment promotion and facilitation, targeting priority activities, that will be supported through fiscal and non-fiscal incentives.
Per CREATE Act, the SIPP should be priority projects or activities included in the Philippine Development Plan and aligned with Ambisyon Natin 2040 or the Aspiration and Vision for the Philippines.
“We recognize that in order for the Filipino people to achieve our aspirations, we need to provide employment through globally competitive industries. We need to encourage harnessing of technology and use innovation while at the same time ensuring sustainability to safeguard the world for future generations,” Cagatan said.
The SIPP has the following goals for nation building to sustain momentum toward recovery particularly: labor intensive activities, address basic needs, infrastructure, technology and climate change.
Meanwhile, Reuben Vegafria, regional governor for Northern Mindanao Philippine Chamber of Commerce and Industry, highlighted the indispensable role of the private sector in nation building.
Participants during the roadshow included Cagayan de Oro Chamber of Commerce (ORO Chamber), Filipino-Chinese Chamber, Ozamiz Chamber and Iligan Chamber, industries, local government units and stakeholders. (JMOR/PIA-10)
Department of Trade and Industry-Board of Investments led by Evariste Cagatan, Executive Director BOI Investment Promotion Service, holds a Strategic Investment Priority Plan (SIPP) Roadshow at Mallberry Suites Hotel, Cagayan de Oro City, July 26. (ZRD/PIA-10)