President Duterte has signed a memorandum that greenlights the country's strategic investment priority plan (SIPP) for year 2022.
While Memorandum Order No. 61, which was signed on May 24, approves the retention of all the investment priorities plan in 2020, it also allows the inclusion of other activities that are envisioned to promote a competitive and resilient economy and are deemed critical in promoting green ecosystem, dependable health system, self-reliance defense system and competitive agricultural sectors.
The memorandum also aims to accelerate the transformation of the country's economy by the application of research and development as well as attracting technology investments.
Included in the list of priority activities in line with this year's (SIPP) are the following:
• Assembly of electric vehicles and the manufacture of their parts, components and systems
• 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
To ensure food security in support of green or organic agriculture, Duterte also approved research and development (R&D) and activities adopting advanced digital production technologies of the fourth industrial revolution, such as robotics and artificial intelligence.
Also approved are highly technical manufacturing and production of innovative products and services, such as manufacture of equipment and parts; as well as the establishment of innovation support facilities, such as R&D hubs.
The memorandum, which was endorsed by the House Committee on Ways and Means in February 2022, enjoined all government agencies to issue necessary regulations to ensure SIPP's implementation in a synchronized and integrated manner.