Adopting and Endorsing to BOI the Newly Formulated SIPP for Approval of the President

February 21, 2022 FIRB RESOLUTION NO. 001-22 WHEREAS , the 2020 Investment Priority Plan , signed by the President on November 18, 2020, which took effect on December 6, 2020, and its General Policies Specific Guidelines to Implement the 2020 Investment Priorities Plan served as the transitional Strategic Investment Priority Plan (SIPP), pending the issuance of the newly formulated SIPP under Republic Act No. 11534, otherwise known as the "Corporate Recovery and Tax Incentives for Enterprises" (CREATE) Act; WHEREAS , under Fiscal Incentives Review Board (FIRB) Resolution No. 05-21 dated April 14, 2021, projects and activities that will qualify under the transitional SIPP were registered under the Tier I category based on Section 296 of the National Internal Revenue Code (NIRC) of 1997, as amended by the CREATE Act, without prejudice to any upgrade under the newly formulated SIPP; WHEREAS , Section 300 of the NIRC of 1997, as amended by the CREATE Act, obligates the Board of Investments (BOI), in coordination with the FIRB, investment promotions agencies (IPAs), other government agencies administering tax incentives, and the private sector, to formulate the SIPP to be submitted to the President for approval; WHEREAS , the newly formulated SIPP is aligned with the country's new industrial policy inclusive innovative industrialization or i 3 S long-term aspiration and vision as embodied in Ambisyon 2040 and Pagtanaw 2050 of the Department of Science and Technology's National Academy of Science and Technology, and with the updated Philippine Development Plan 2017-2022; WHEREAS , the activities proposed to be included under Tier II are those which are supportive of a competitive and resilient economy and will fill in gaps in the Philippines' industrial value chains, which are critical in promoting green ecosystems, ensuring a dependable health system, achieving robust self-reliance in defense systems, and transforming industrial and agricultural sectors to being modern, competitive, and resilient; WHEREAS , the activities proposed to be included under Tier III are characterized as being supportive of the acceleration of the transformation of the economy primarily through the application of research and development and attracting technology investments, as well as those activities which will engage in the production of equipment, parts, and services that embed the foregoing new technologies and those that will engage in research and development activities and commercialization of research and development; NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED , That the newly formulated SIPP be adopted and endorsed to BOI for approval of the President, subject to refinement with respect to the definitions of electric/hybrid/plug-in vehicles; RESOLVED, FURTHER , That the operational definition of Electronic Vehicles under the proposed Electric Vehicle Industry Development Act be adopted for projects or activities involving electric/hybrid/plug-in vehicles until the SIPP defines the same; RESOLVED, FURTHERMORE , That IPAs shall submit to the FIRB their top three (3) investment leads for Tiers II and III as categorized under the Section 296 of the NIRC of 1997, as amended by the CREATE Act; RESOLVED, FINALLY , That projects or activities outside the scope of the newly formulated SIPP shall not be registered. This Resolution may be signed in any number of counterparts, each of which when duly executed and sent by facsimile or electronic transmission to the Secretariat shall be valid and effectual as if executed as an original, but all the counterparts (including those sent by way of facsimile or electronic transmission) shall together constitute one and the same document. Adopted by the Board in its meeting on 21 February 2022, where a quorum was present. TINA ROSE MARIE L. CANDA Officer-in-Charge and Undersecretary of Budget and Management (SGD.) KARL KENDRICK T. CHUA Secretary of National Economic and Development Authority RAMON M. LOPEZ Co-Chairperson and Secretary of Trade and Industry MARAH VICTORIA S. QUEROL Senior Deputy Executive Secretary (SGD.) CARLOS G. DOMINGUEZ Chairperson and Secretary of Finance