Business enterprises, regardless of size, may expect to receive special incentives from the government, should they decide to adopt inclusive growth strategies.
Inclusive business, that is those enterprises adopting inclusive growth strategies, have been included in the Board of Investment’s Investment Priorities Plan (IPP) for 2014-2016.
Inclusive growth has been generally taken to mean economic growth where all sectors of society, including the poor, actively take part in the development process while enjoying its benefits.
The Asian Development Bank characterizes inclusive business practices as “those targeting low-income groups and contributing to poverty reduction by involving the poor in the company’s chain of activities, such as by employing them and making them community suppliers and service providers.”
Consultations are now being held among industry practitioners and government policy-makers on how to implement the idea. One of the measures being considered is the setting up of an accreditation system, whereby companies engaged in inclusive business practices will be entitled to certain incentives from the government.
Before the month ends, the BOI will hold a forum entitled “Mainstreaming IB in Government Policies” to gather perspectives and recommendations from the business community, government, and the general public on how best to include inclusive business strategy in public policy.
The Investment Priorities Plan grants tax and fiscal incentives to preferred areas of economic activities.
Image credit: Airah Mariz Caragay