The House of Representatives approved on third and final reading on Tuesday night the investments and incentives code of the Philippines, which consolidates the country’s scattered investments and incentives statutes.
Voting 175 in favor of the measure, with 11 negative votes, and 4 abstensions, the House passed House Bill 5241, which aims to “harmonize” the country’s numerous incentive-giving laws.
Among the said statutes include Executive Order 226 or the Omnibus Investments Code, special laws for economic zones and other incentives statutes.
Proponents of the measure have earlier opined that the scattered laws on investments and incentives are confusing and unmanageable to both the government and investors.
HB 5241 was jointly authored by House appropriations committee chairman Rep. Junie Cua and House ways and means committee chairman Rep. Exequiel Javier.
Key provisions of the bill mandate that the Board of Investments (BOI) is the national investment promotion agency that shall formulate an evolving National Framework for Investments Promotions (NFIP) that will govern all Investments Promotion Agencies (IPAs). The BOI shall exercise oversight functions over all investment promotion activities of all IPAs.
The BOI Board of Governors will be composed of the Secretaries of both the Departments of Trade and Industry (DTI), and Finance (DoF), the Director General of the National Economic and Development Authority (NEDA) and the undersecretaries from the DTI, and representatives from the private sector.
Moreover, an Investment Promotion Action Center (i-PAC) shall also be established to provide advice, guidance and information for investors, speedy action on investment-related requirements, and on-line investment facilitation system.
The Code also lists all possible foreign and local investment sectors that could avail of tax incentives under expressed conditions stated in the Act.
It also provides, as a ‘grandfather rule’ provision, that incentives granted to existing registered enterprises from contracts or agreements entered into by them with the BOI, PEZA, other IPAs, and other government instrumentalities shall continue to be legally binding in accordance with the terms and conditions stated in their respective contract.
— Frank Lloyd Tiongson, Manila Times
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