Coming soon: Agro-business investments in countryside areas
Agriculture was mentioned in the ten point economic agenda of the President. One thing we can expect from this would be the improvement of countryside areas, fueled by agri-related investments.
In a report by Inquirer, Trade Secretary Ramon Lopez said that the agriculture sector in the Philippines is looking bright for potential investment activities.
The report said that the government’s plan is not just improve the production side but also augment the processing of high value added products, including coconut oil and coffee.
The DTI also intends to bring more manufacturing activities to the countryside.
DTI aims to make changes on the Investment Priorities Plan (IPP) to include a provision on engaging in least-developed and calamity-devastated areas in investment activities.
This would mean that companies that will opt to locate in identified areas will be given additional incentives such as duty free importation of capital equipment, income tax holiday, and extra tax deductions for research and development activities, Inquirer said.
The report added that should the agro-business and manufacturing industries substantially improve, these will naturally fuel the growth of other local industries including logistics, design-based services, trucking and freight services, and utilities—all of which are seen to create quality jobs for residents in the countryside, Inquirer reported.