Manufacturers urged to avail of Bayanihan 2 perks

MANILA, Philippines — The Board of Investments (BOI) is urging manufacturers to take advantage of the tax breaks and incentives available under the Bayanihan 2 law.

As many firms are still facing difficulties in operations due to the health crisis, BOI managing head and Trade Undersecretary Ceferino Rodolfo said they should avail of incentives provided under the new law.

Under the Bayanihan to Recover As One Act or Bayanihan 2, manufacturers can carry over any operating loss from financial year 2020 and 2021 as a tax deduction from gross income over the next five taxable years.

Manufacturers can also qualify for other perks such as exemption from business taxes, import duties and other fees on a range of products.

In particular, those involved in production of medical equipment and items critical for the fight against the coronavirus disease 2019 (COVID-19) pandemic such as personal protective equipment, as well as the raw materials of such items can get incentives.

The same relief measures would also apply to the production of equipment for waste management including waste segregation, storage, collection, sorting, treatment and disposal services.

Bayanihan 2 seeks to enable the economy to bounce back from the impact of the COVID-19 outbreak.

“We know that COVID-19 is still having a significant impact on the operations of manufacturers across the Philippines, and we at BOI are doing all we can to help them,” Rodolfo said.

To tap assistance from the BOI and learn about the incentives available, he said businesses can visit the agency’s resource hub website.

He said businesses can also book an appointment with the BOI through its Facebook page.

“Our dedicated specialists can help businesses understand more about how they can take advantage of the incentives and support in the Bayanihan 2 Act,” Rodolfo said.