Include file can be also in different folder, but then you must define the path.

Example:
[HTML].
.\PBP_code <- Your PBP file is located here
.\include <- Your include file is located here[/HTML]
Code:
<code><font color="#000000"><b>INCLUDE </b><font color="#FF0000">&quot;..\include\HELLO.asm&quot;</font></code>