PRRD approves fiscal incentives for Islamic investments 

COTABATO CITY - President Rodrigo Roa Duterte has just signed the Investment Priorities (IPP) Plan 2020, investment officials in the Bangsamoro Region in Muslim Mindanao today said. 

The IPP is the government’s blueprint of priority economic activities that qualify for fiscal incentives.

Under Memorandum Order No. 50 signed by Duterte last Thursday, the IPP covers the production or manufacture of medicines, medical equipment and devices, personal protective equipment (PPE), surgical equipment and supplies, among others.

However, the IPP also contains a list of priority investment areas for the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) such as export activities; agriculture, agribusiness, aquaculture, and fishery; basic industries; infrastructure and services; industrial service facilities; engineering industries; logistics; enterprises using the Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA) framework on trade and investments; tourism; health and education services and facilities; Halal industry; investment operations under Republic Act No. 11439 or An Act Providing for the Regulation and Organization of Islamic Banks; and energy.

The IPP in the BARMM and the dispensation of fiscal incentives for investors in the region is handled by the regional Bangsamoro Board of Investments (RBOI). 

"We worked hard with BOI Manila to include investment operations of Islamic banks in the BARMM list in the IPP considering that the Islamic Banking Act was just passed and we hope that it will provide for more access to credit for SMEs, particularly in the BARMM, which is the most underbanked region in the country," said Atty. Ishak Mastura, RBOI chair. 

"The BARMM administration under Chief Minister Murad Ebrahim is grateful to President Duterte for signing the IPP 2020 in light of the economic hardships brought about by the Covid 19 pandemic," he added.