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However,
(Executive Order No. 226, as amended), which for enterprises which export seventy percent
is implemented by the Philippine Board of (70%) of their total production, they need not
Investments (the "BOI"), provides a comply with this requirement; and
comprehensive set of incentives for local and
foreign enterprises engaged in activities 3. They will not engage in a pioneer area
considered by the Philippine government as which is within the activities reserved by the
high priority for national development. Constitution or other laws of the Philippines to
Philippine citizens or corporations owned and
Investment In Areas Under The controlled by Philippine citizens.
Investments Priorities Plan
The following incentives are available to a BOI-
The Omnibus Investments Code (the "Code") registered enterprise:
mandates the BOI to submit annually, for the
President's approval, an Investments Priorities 1. Tax Exemptions
Plan ("IPP) which lists the preferred area for
investment. These preferred areas are a. Income Tax Holiday (ITH)
classified as either pioneer or non-pioneer1.
Persons or entities that engage in the priority o New projects with a pioneer
areas of investment under the IPP may avail of status for six(6) years;
the incentives provided under the Code upon o New projects with a non-pioneer
registration with the BOI2. status for (4) years;
o Expansion projects for three (3)
If the applicant for incentives is a natural years, limited to incremental
person or individual, he must be a citizen of sales revenue/volume as a
the Philippines. If the applicant is a general rule;
partnership or any other association, it must o New or expansion projects in less
be organized under Philippine laws and at developed areas ("LDAs")3 for six
least sixty percent (60%) of its capital must be (6) years, regardless of status;
owned and held by Philippine nationals; or in and,
case of a corporation or a cooperative, it is o Modernization projects for three
organized under Philippine laws and that at (3) years, limited to incremental
least sixty per cent (60%) of the capital stock sales revenue/volume, as a
outstanding and entitled to vote is owned and general rule.
held by Philippine nationals and at least sixty o The ITH is restricted with respect
per cent (60%) of the members of the Board of to certain Export Traders and
Directors are citizens of the Philippines. Mining Activities
o New registered pioneer and non-
However, enterprises which do not meet the pioneer enterprises and those
required degree of Philippine ownership may located in LDAs may avail
still register with the BOI for investment themselves of a bonus year
incentives under the following conditions: subject to certain conditions