Trade and Industry Secretary Alfredo E. Pascual has assured that development and promotion of the health industry will be a major thrust for development during the six year term of President Ferdinand Marcos Jr. administration.

Pascual was reacting to the challenge by Senator Pia Cayetano, author of the CREATE Law, if DTI would be open to creating an investment environment, such as tax incentives, for the health industry to flourish.

Cayetano emphasized during the DTI Briefing for the Senate committee on trade, commerce and entrepreneurship on the agency’s thrust and programs, including the agency’s priority legislative proposals, the importance of the health industry.

According to Cayetano, the health industry has two-pronged impact on the improvement of access to healthcare in the remote areas and jobs for the country’s healthcare professionals.

Pascual explained at the briefing that the health industry falls under the third pillar for the DTI 2022-2028 plan on health and life sciences, which includes healthcare services and various health products requiring investments for the establishment of healthcare facilities.

Cayetano inquired if DTI would consider allowing a limited time for tax free importation of health equipment needed to improve access to specialty hospitals in the country. Cayetano said he also raised this to Finance Secretary Benjamin E. Diokno during a briefing with the Senate committee on ways and means.

“I align this with the President’s SONA statement that we need to improve access to specialty hospitals all over the country,” said Cayetano.

Pascual assured Cayetano that DTI definitely welcomes any tools to facilitate establishments of enterprises in these industry clusters that we have identified. Pascual, who believes that only by industrialization that the country can produce higher quality and higher paying jobs.

“So we welcome any move to make it to facilitate, for example, the provision of equipment needed by enterprises,” he added.

He said that this kind of enterprises will most likely register with the Board of Investments, which administers the tax incentives for investors.

Most of these investors into this industry cluster will most likely come from abroad and will be setting up their business in partnership with local investors, targeting to serve the domestic and export market.

“We want these enterprises to be participating in the global value chains in the products under these clusters,” he said.