Duterte approves 2022 Strategic Investment Priority Plan
FILE PHOTO: President Rodrigo Duterte. Screengrab from PCOO / Facebook
MANILA, Philippines — President Rodrigo Duterte on Thursday approved the 2022 Strategic Investment Priority Plan (SIPP) that mandates the retention of investment preferences in 2020 and the inclusion of other activities that “promote a competitive and resilient economy.”
Duterte on May 24 signed Memorandum Order No. 61, indicating the scheme, to promote “competitive and resilient economy and fill in gaps in the Philippines’ industrial value chains, and are deemed critical in promoting green ecosystems, ensuring a dependable health system, achieving robust self-reliance in defense systems, and realizing modem, competitive, and resilient industrial and agricultural sectors.”
The memorandum also states that the new SIPP aims to accelerate the transformation of the country’s economy by applying research and development as well as attracting technology investments.
Some of the priority activities listed on the memorandum are the following:
- Assembly of electric vehicles and the manufacture of their parts, components and systems
- Establishment and operation of EV infrastructure
- Manufacture of energy efficient maritime vessels and equipment, electronic devices and circuits for smart grid and renewable energy, bioplastic and biopolymers, renewable energy, energy efficient and conservation projects, energy storage technologies and integrated waste management
- Support in terms of manufacturing the Vaccine Self-Reliance Program
- Support any defense-related activities endorsed by the National Defense, the military and the National Security Council
- Address the value chain gaps in steel, textiles, chemicals, among others and process the green metals, crude oil and refining
- Support food security-related activities
- Research and development (R&D) and activities adopting advanced digital production technologies of the fourth industrial revolution, such as but not limited to, robotics; artificial intelligence (AI); additive manufacturing; data analytics; digital transformative technologies (e.g. cloud computing services, hyperscalers, data and digital infrastructure); nanotechnology; biotechnology;
- Production and/or adoption of new hybrid seeds and other Industry 4.0 technologies.
- Establishment of innovation support facilities such as but not limited to R&D hubs; Centers of Excellence; science & technology parks; innovation incubation center; tech startups, startup enablers: incubators & accelerators; and space-related infrastructures.
Memorandum Order No. 61 also enjoined all government agencies to issue necessary regulations to ensure SIPP’s implementation in a synchronized and integrated manner.
The memo should take effect 15 days after its publication in a newspaper of general circulation or in the Official Gazette, Malacañang said.
RELATED STORY
J.P. Morgan drops PH to bottom of Asean investment preference list on May 9 polls
