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Manila Bulletin devider Trade & Energy devider 1,370 ITBPMs worth P8 B transferred to BOI

1,370 ITBPMs worth P8 B transferred to BOI

Published Apr 30, 2023 11:52 am
A total of 1,370 IT business process management (ITBPM) firms with combined investments of P8.185 billion have transferred their registration to the Board of Investments (BOI) from other investment promotion agencies (IPAs) to continue enjoying fiscal perks even if they operate under the work-from-home (WFH) arrangement.

It could be recalled that in November last year, the government allowed ITBPM firms to shift their registration to the BOI since the CREATE Law requires that such operations must be conducted onsite or in economic zones to enjoy government tax incentives.

Unlike other IPAs, BOI registration does not require ITBPMs to locate inside an ecozone to enjoy government tax incentives, such as income tax holiday.

Following that decision, BOI data showed it registered a total of 1,370 ITBPM transferees with  1,336 coming from PEZA and the remaining 34 from CDC.

In 2022, BOI’s ITBPM project registration went up to P4.822 billion in 2022 for 39 projects with employment of 15,244.

And in the first four months of this year only, the BOI also registered a total of 20 ITBPM projects with investments of P3.363 billion and jobs generation of 9,483.

If reckoned from 2019, the BOI data showed a total of 98 ITBPM projects with combined investments of P9.635.62 billion.

Prior to the decision allowing the shift in registration, there were only very minimal ITBPM registration with the BOI.

In 2019, there were only 16 projects registered with BOI worth P374.65 million and total employment of 1,429 jobs. This was followed with 12 projects in 2020 with P319.97 million investments and 981 jobs.

In 2021, the BOI registered only 11 projects with P756 million combined cost with 2,237 jobs.

The ITBPM rom 2023-2028, the industry is projected to create up to 1.1 million direct jobs, 54 percent of which will be in the countryside. This will bring the sector’s total headcount to 2.5 million by 2028.

The industry, however, is facing serious talent crisis as companies demand for skills that are attuned to the digital world.

Related Tags

tax policy Philippine Economic Zone Authority Board of Investments (BOI) income tax holiday
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