As part of its support to investors, the administration of President Benigno S. Aquino III is ready to give income tax holidays for up to eight years, an investment official said.

Trade Undersecretary for Industry and Investments Cristino Panlilio said the fiscal incentive provided by the Board of Investments (BOI) for qualified companies, "ranges from four, to six and even eight years" depending on their claims.

Panlilio said the scheme aims to attract potential foreign and domestic investors in the country's "highly competitive" and "growing economy."

"The BOI is ready to give these incentives to domestic and foreign direct investments, big or small," he said describing how their agency values investments, especially those that have a multiplier effect to the economy.

With this kind of incentive, he said the Aquino administration is especially targeting returning overseas Filipino workers (OFWs) who would opt to invest their savings here in the country.

"This is what we are telling for you (potential investors) to be encouraged to invest your capital to stimulate the economy and create more jobs," he said.

Under the scheme, every income tax return (ITR) claim would have to be supported by a certificate of income tax holiday entitlement to be issued by the BOI.

Likewise, any income tax holiday application filed beyond the 30-day period from date of filing with the Bureau of Internal Revenue would no longer be accepted by the BOI. (CNEX/PIA9-BST)