For latest Developments check out the Batangas Province Incentives Page

General Cost of Doing Business in The Philippines from the Board of Investments site.

Groundwork on Investment Liberalization
Land lease loan extended from 50 to 75 years.
Opening up of banking industry for foreign participants.
100 percent foreign ownership in selected investment areas
Fiscal Incentives
Income tax holiday of 4 to 6 years
Tax and duty-free importation of capital equipment and spare parts
Tax credit on domestic capital equipment
Tax credit for taxes and duties on raw materials used in the manufacture, processing or production of products for export
Non-Fiscal Incentives
Simplified customs procedures
Unrestricted use of consigned equipment
Employment of foreign nationals Waiving of nationality requirements for regional ASEAN of multilateral financial institution

If you decide to put up your facility in what the government classifies as a less-developed area, you will receive additional incentives including:
Enjoyment of pioneer incentives
Full deduction from taxable income of the cost of necessary infrastructures and public facilities constructed in the area
Double deduction of labor expenses

Incentives in export processing zones:
If you are able to locate in one of the export processing zones, you will be entitled to BOI incentives and the following other privileges:
Exemption from local taxes (except real estate tax), licenses, and fees
Exemption from real estate tax on production equipment and machinery
Exemption from the 15 percent branch profits remittance tax
100 percent foreign ownership
Simplified import and export procedure
Exemption from SGS inspection |

Incentives under the Export Development Act:
Qualified enterprises earning at least 50 percent of its revenues from export are entitled to the Board of Investments (BOI), the Philippine Export Zone Authority (PEZA) or special economic zone incentives and the following other privileges:
Exemption from advance payment of customs duties
Zero percent duty on imported machinery and equipment, and spare parts
Tax credit on imported raw materials for a period of five years
Tax credit for increase in current year
Tax credit of 25 percent of duties on local raw materials, capital equipment and/or spare parts for a period of three years extendible for another three years

Philippine Mining Act additonal incentives:
100 percent foreign equity (Financial or Technical Assistance Agreement with the government)
Incentives for pollution control devices
Net loss carry forward
Accelerated depreciation.

Agencies Which Could Assist You One-Stop Action Center for Investment

Board of Investments (BOI) 385 Sen. Gil J. Puyat Ave., Makati City
Tel. Nos. 895-8322/896-7884

Project Evaluation and Review Department
Philippine Economic Zone Authority (PEZA)
Roxas Blvd. Cor. San Luis St., Pasay City
Tel. Nos. 551-3456 to 58

Bureau of Trade Regulation and Consumer Protection (BTRCP)
Department of Trade and Industry (DTI)
2nd Floor, Trade and Industry Building
361 Sen. Gil Puyat Ave., Makati City