WV posted 172 percent growth in investments in 2015

Western Visayas’ bullish investment growth last year was attributed mainly to the application and approval of extensive energy-related projects (P57.76 billion) followed by economic housing projects (2.49 billion) and tourism projects (P495 million).

According to the Philippine Board of Investments (BOI), the industry development and investments promotion arm of the Department of Trade and Industry, Region VI’s investment performance in 2015 increased by 171.81 percent.

It also reported that Region VI ranked second among all the regions in the country to have lured billions worth of investments or equivalent to 17 percent of the country’s registered investments in 2015.

Last year, investment projects in the region, per BOI report, totaled P60.75 billion compared to the P22.35 billion in 2014. The government expects to generate over 3,000 jobs in the region when these projects become fully operational.

Some of the projects include Semirara Mining and Power Corporation (P29.5B), Phil-Power Solar Energy Corporation (P7.1B), and Trans-Asia Renewable Energy Corporation (P4.95B), Negros Island Solar Power, Inc. (P5.44B), and San Carlos Sun Power Inc. (P4.7B).

“The upbeat response from the energy sector indicates an improved power supply situation in the region due to the rapid market demand, particularly in Iloilo City,” said DTI VI OIC-Regional Director Rebecca M. Rascon.

Rascon added that the realization of these projects will translate a competitive manufacturing sector and the quality of life of the MSMEs.

Further, under the Omnibus Investment Code of 1987 (Executive Order No. 226), BOI-registered enterprises, as listed in Investment Priorities Plan (IPP) can avail of the following government incentives:

1.      Income Tax Holiday (ITH)

a. six (6) years for projects with pioneer status and for projects located in a Less Developed Area (LDA);

b. four (4) years for new projects with non-pioneer status;

c. three (3) years for expansion/modernization projects.

2. Duty exemption on imported capital equipment, spare parts and accessories;

3. Exemption from wharfage dues and any export tax, duty, impost and fees;

4. Tax exemption on breeding stocks and genetic materials;

5. Tax credits on imported raw materials;

6. Tax and duty-free importation of consigned equipment;

7. Additional deduction for labor expense;

8. Employment of foreign nationals;

9. Simplification of customs procedures; and,

10. Access to bonded manufacturing warehouse.