Sections 2-3 of Republic Act 11647 Simplified

Definitions and Inter-Agency Investment Promotion Coordination Committee IIPCC

September 2, 2021

Section 2

The Definitions are amended:

  • “Investment” is equity participation in any enterprise organized or existing under the laws of the Philippines and duly recorded in the enterprise’s stock and transfer book, or any equivalent registry of ownership;
  • “Foreign investment” shall mean an equity investment made by a non-Philippine national in the form of foreign exchange and/or other assets actually transferred to the Philippines and duly registered with the Bangko Sentralng Pilipinas;
  • “practice of profession’ is an activity or undertaking rendered and performed by a registered and duly licensedprofessiorial or holder of a special temporary permit as defined in the scope of practice of a professional regulatory law; and
  • “pipeline transportation” shall mean the sector which includes transport of goods or materials through a pipeline such as crude, refined petroleum, natural gas, biofuels, and other chemically stable substance.”

Section 3

Amendments are:

Inter-Agency Investment Promotion Coordination Committee IIPCC, headed by the DTI, is created to integrate foreign investment promotion, composed of:

  • DTI Secretary
  • Secretary/Undersecretary of the Department of Finance (DOF)
  • a representative from the DTI-Board of Investments (BOI)
  • a representative from the DTI- Philippine Economic Zone Authority (PEZA);
  • a representative from the Departinent of Foreign Affairs (DFA), Office of the Underseeretary for Multilateral Affairs and International Economic Relations (OUMAIER);
  • a representative from the National Economic and Development Authority (NEDA);
  • a representative from the Department of Information and Communications Technology
  • a representativefax›mthe Commission on Higher Education (CHED);
  • a representative from the Technical Education and Skills Development Authority (TESDA);
  • 4 representatives from the National Capital Region, Luzon, Visayas and Mindanao, to be chosen by business chambers

The Chairperson may request the participation of other government departments and agencies or instrumentalities, local government units (LGUs), (NGOs) and local business chambers and enterprises.

The IIPC shall coordinate and, when necessary, partner with and assist the:

  • Bases Conversion and Development Authority (BCDA)
  • Authority of the Freeport Area of Bataan (AFAB)
  • Clark Development Corporation (CDC)
  • Subic Bay Metropolitan Authority (SBMA)
  • Cagayan Economic Zone Authority (CEZA)
  • John Hay Management Corporation (JHMC)
  • Poro Point Management Corporation (PPMC)
  • Zamboanga City Special Economic Zone Authority (ZCSEZA)
  • PHIVIDEC Industrial Authority (PIA)
  • Aurora Pacific Economic Zone and Freeport Authority (APECO)
  • Tourism Infrastructureand Enterprise Zone Authority (I’IEZA) and
  • all other similar existing authorities or that may be created by law, in promoting foreign investments to the country

This is provided, ’that this shall not include t)ie administration, design, and grant of fiscal incentives.

The BOI is designated as the secretariat of the IIPCC, implementing its policies and resolutions.

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