New strategic investment priority plan gets Malacañang nod

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Metro Manila (CNN Philippines, May 27) - President Rodrigo Duterte has approved the 2022 Strategic Investment Priority Plan (SIPP), which includes more activities that aim to promote a “competitive and resilient” economy and accelerate its transformation.

Memorandum Order 61 notes the newly formulated plan contains the activities of the 2020 Investment Priorities Plan (IPP), now listed under Tier 1 of the SIPP which introduces two new tiers.

Tier II contains activities “envisioned to promote a competitive and resilient economy and fill in the Philippines’ industrial value chains,” said the order.

They are also “deemed critical” in promoting green eco systems, ensuring a dependable health system, and realizing industrial and agricultural sectors that are modern, competitive, and resilient.

Activities under Tier III, meanwhile, are seen to “accelerate the transformation of the economy” through research and development and attracting investments in technology.

The SIPP, according to Duterte’s new order, is aligned with the updated Philippine Development Plan 2017-2022. It’s also in line with the long-term aspiration and vision of the Department of Trade and Industry’s Inclusive Innovation Industrial Strategy (i3S) and the Pagtanaw 2050 of the National Academy of Science and Technology, which is under the Department of Science and Technology.

The memorandum, which takes effect 15 days after its publication in a newspaper of general circulation or in the Official Gazette, requires agencies to issue necessary regulations to ensure its “synchronized and integrated” implementation.

“No government body shall adopt any policy or take any course of action contrary to, or inconsistent with the SIPP and relevant laws,” read the order.

Investment promotion agencies must also facilitate and expedite the set-up and conduct of registered projects or activities with the one-stop action center, which was established under Section 310 of the National Internal Revenue Code.

Local government units, along with government agencies, must coordinate with IPAs in complying with the Ease of Doing Business law.