INVESTORS who will set up projects or investments that promote innovation are now qualified to apply for investments with the government as it is now part of the 2017 Investment Priority Plan (IPP).

The Board of Investments, in a statement, said projects or investments categorized under "Innovation Drivers" have been included in the 2017 IPP to underscore the important role of research and development (R&D), innovation ecosystems and infrastructures in modernizing the Philippine economy, which includes commercialization of R&D projects funded by the government or Department of Science and Technology.

Projects or investments listed under Innovation Drivers are research and development; centers of excellence (COE); innovation centers, business incubation hubs, fabrication laboratories (fablabs) or co-working spaces; and commercialization of new and emerging technologies.

According the 2017 IPP, research and development covers all activities and the establishment and operation of R&D facilities for the conduct of clinical trials.

The COE covers the establishment of institutions specializing in technical and training in various disciplines in COEs or centers of development.

Innovation centers, business incubation hubs, fablabs or co-working spaces cover support services and infrastructures for micro, small, and medium enterprises through the use of office space, machinery and equipment, and/or provision of technical or business counseling assistance.

The 2017 IPP states that under this category, revenues entitled to income tax holiday include rental of office space and/or equipment, membership fees, counseling fees, and other related revenues.

Lastly, the commercialization of new and emerging technologies covers those that are products of DOST or government funded R&D.

These technologies included agricultural biotechnology tools; disaster mitigation or prevention hardware or software; hardware or software for increasing agricultural productivity; mechanized means for natural resources conservation; portable technologies; hardware or software for the prevention of disease outbreaks; remote monitoring devices or systems; professional services for remote sensing; hardware or software for the upgrading of local industries; photonics; nanotechnology; and natural health products.