Published 31 January 2025, The Daily Tribune
The Board of Investments (BOI) announced on 21 January 2025, the issuance of Memorandum Circular (MC) No. 2024-08, introducing key amendments to the 2022 Strategic Investment Priority Plan (SIPP). These amendments aim to fortify the Philippine education sector by fostering international collaboration and promoting academic excellence, marking a significant step toward enhancing the nation’s workforce capabilities.
The SIPP serves as a three-year blueprint identifying economic activities eligible for fiscal incentives under the CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy) Law. Initially approved by Memorandum Circular No. 61 in 2022, the plan is subject to review and amendment every three years.
The SIPP categorizes investment priorities into three tiers:
The newly issued memorandum integrates updates in global industry trends and establishes guidelines for education cities and branch campuses in the Philippines, in line with the Republic Act (R.A.) No. 11448 or the Transnational Higher Education (TNHE) Act.
Key Provisions:
Workforce Development: Academe-Industry Matching (AIM!) Program
The BOI highlighted the alignment of these amendments with the Academe-Industry Matching (AIM!) Program, launched in November 2024. The AIM! Program is a workforce development initiative designed to bridge education and industry gaps. It comprises three pillars:
Registered Business Enterprises (RBEs) involved in these education-related initiatives can access fiscal and non-fiscal incentives. The Fiscal Incentives Review Board (FIRB) has authority over projects exceeding ₱15 billion, while smaller projects fall under the jurisdiction of Investment Promotion Agencies (IPAs), such as PEZA, BCDA, SBMA, and CDC.
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