DTI urged to finish SIPP by next March
It is important for the Department of Trade and Industry (DTI) to finish the Strategic Investment Priorities Plan (SIPP) before March 2022, said House Ways and Means Committee Chairperson Joey Salceda.
During the committee meeting, Salceda stated that an unfinished SIPP makes it difficult for industries to determine their tax incentives in the country.
The SIPP is a list of sectors that are eligible for incentives under the newly implemented Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
The chairperson added that the Philippines cannot maximize the potential of FDIs (foreign direct investments) in the country as investors do not have an idea if they are eligible for tax incentives under the law.
A finished listing will end the “uncertainty” and give foreign companies a sense of the benefits that they can get upon opening its operations in the country.
Salceda warned DTI that he would be forced to call for oversight hearings if the deadline is not met next year.
