The Investment Board (BOI) has invited investors to interact in covid-19’s production of critical products and to take advantage of the tax incentives provided in Bayanihan 2.
In one last week, the Undersecretary of Commerce and Director General of BOI, Ceferino S. Rodolfo called on brands to invest in the manufacture of non-public protective devices (IPDs), among other essential elements of the Covid-19. they will now be offered a variety of incentives, as is anticipated until Bayanihan recovers as a single act.
By law, brands can advance any operating loss from fiscal years 2020 to 2021 as a gross source of income tax deduction for the next five fiscal years.
In addition, qualified investors are exempt from paying advertising taxes, import tariffs and corresponding tariffs on a variety of products. This exemption applies mainly to manufacturers of PPE, masks and other Covid-19 products, adding raw fabrics to manufacture those products.
In addition, the same relief measures can be received through investors who will produce waste control equipment, adding sorting, storage, collection, sorting, repair and waste disposal services.
“We know that Covid-19 still has a significant effect on manufacturers’ operations in the Philippines, and at BOI we are doing everything we can to help you,” Rodolfo said. “I urge companies to stop at our resource center online page and schedule an appointment with BOI today through our Facebook page. “
“Our committed specialists can help companies better perceive how they can benefit from incentives and Bayanihan 2,” he added.
According to BOI data, there are now 22 brands of face masks in the Philippines, just two before the pandemic, nine of which produce medical grade N88 and KN95 Companies that manufacture face masks for medical use can now produce 60. 6 million portions consistent with month.
In addition, 17 companies have been in the production of EPI suits, isolation gowns and medical aprons lately, while the Philippines had no capacity to manufacture these parts before the fitness crisis.
Currently, the Philippines can customize 3. 5 million PPE according to the month. This number is expected to increase once members of the Confederation of PPE Manufacturers of the Philippines (CPMP) intensify their investments in plant reuse.
As a collective, the CFP invested a total of $35 million in additional capital for new equipment, plant upgrades and training, which maintained the jobs of at least 7,450 employees.