Pascual strives to develop domestic healthcare industry – Manila Bulletin

Secretary of Commerce and Industry Alfredo E. Pascual has asserted that the development and promotion of the healthcare industry will be a major developmental push during the six-year administration of President Ferdinand Marcos Jr.

Pascual was responding to a challenge from Senator Pia Cayetano, author of the CREATE bill, whether DTI would be willing to create an investment environment like tax incentives to allow the healthcare industry to thrive.

Cayetano stressed the importance of the healthcare industry during the DTI briefing for the Senate Committee on Commerce, Commerce and Entrepreneurship on the agency’s direction and programs, including the agency’s priority legislative proposals.

According to Cayetano, the health industry has a dual impact in improving access to health care in the country’s remote areas and jobs for the country’s health workers.

Pascual explained at the briefing that the healthcare industry falls under the third pillar of the 2022-2028 DTI Health and Life Sciences plan, which includes healthcare services and various healthcare products that require investment to establish healthcare facilities.

Cayetano inquired if DTI would consider allowing a limited time for tax-free importation of healthcare equipment needed to increase access to specialty hospitals in the country. Cayetano said he also raised this with Treasury Secretary Benjamin E. Diokno during a briefing with the Senate Committee on Ways and Means.

“I concur with this with the President’s SONA statement that we need to increase access to specialty hospitals across the country,” Cayetano said.

Pascual assured Cayetano that DTI definitely welcomes any tools that facilitate the creation of companies in these industrial clusters that we have identified. Pascual, who believes that only through industrialization can the country create higher-quality, better-paying jobs.

“Therefore, we welcome any step, for example to facilitate the provision of equipment needed by companies,” he added.

He said these types of companies are most likely to be registered with the Board of Investments, which administers tax incentives for investors.

Most of these investors in this industry cluster are most likely coming from abroad and will build their company in partnership with local investors to serve the domestic and export market.

“We want these companies to participate in the global value chains of the products in these clusters,” he said.

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