MANILA– The Philippine Board of Investments (BOI) and the Bangko Sentral ng Pilipinas (BSP), in collaboration with other national government agencies (NGAs), reaffirmed their commitment to enhancing the country’s business climate by aligning investment facilitation strategies. This agreement was reached during the 2nd Coordination Meeting of the Investment Facilitation Network (INFA-Net), held on September 13, 2024, at the BSP Complex.
The meeting, co-organized by the BOI and BSP, underscored the importance of coordinated efforts among NGAs to create a more conducive environment for businesses to grow and thrive. By strengthening inter-agency collaboration, the government aims to streamline processes and address investor needs more effectively.
Making efficient investment facilitation happen. BSP and BOI officials with other representatives from various members of the INFA-Net during its second meeting at the BSP Complex on Sept. 13, 2024.
BSP Managing Director Thomas Benjamin Marcelo told attendees that aligning the strategies of the member NGAs towards fostering a business-friendly environment is vital move for the country’s economic growth.
“We are fully committed to ensuring that these reform initiatives in investment facilitation are implemented and monitored effectively. This meeting offers a key opportunity to align strategies that will help attract more investments, ultimately driving further economic growth,” said BSP Managing Director Marcelo.
Mr. Lubin De Vera, Division Chief of the BOI Investment Assistance Service (IAS), echoed this sentiment, highlighting the importance of collaboration in providing comprehensive support to investors.
“Malaking tulong itong collective effort sa fiscal incentives (This collective effort is a huge help to enhance fiscal incentive offerings). We look forward to continued cooperation in streamlining facilitation services, as BOI cannot achieve this alone,” Mr. De Vera told the attendees.
A key focus of the meeting was the discussion of the revised draft Joint Memorandum Circular, which seeks to strengthen the coordination mechanism among INFA-Net members and integrate the provisions of Executive Order No. 18.
BOI, as the INFA-Net Secretariat, convened the 38-member agencies to discuss the recurring issues of investors in the areas of permitting applications, taxation, customs importation, and application for incentives, among others.
The forum aimed to strengthen inter-agency coordination, enhance investor facilitation, and streamline regulatory processes to boost both local and foreign investments in the Philippines.
In addition, the members sought to enhance the coordination mechanism among INFA-Net members through a reinforced whole-of-government approach. One key goal is to institutionalize the strategic partnership between the member agencies through the execution of a Joint Memorandum Circular.
The members also pledged to ensure alignment of policies and harmonize facilitation mechanisms among concerned agencies to realize projects endorsed as strategic investments, infrastructure flagship projects, and energy projects of national significance.
During the meeting, the Department of Labor and Employment (DOLE) presented the draft “Revised Rules and Regulations of Employment Permits for Foreign Nationals,” while the Bureau of Immigration (BI) discussed updates on visa processing applications, including the Special Investor’s Resident Visa (SIRV), 9(g) working visas, and 47(a)(2) special non-immigrant visas.
The first coordination meeting of INFA-Net took place in June 2024 at the Department of the Interior and Local Government (DILG) Office in Quezon City, where similar concerns regarding business registration, permitting, taxation, customs, and land conversion were discussed. During that meeting, the BOI introduced the draft JMC, emphasizing the need for a renewed commitment to align the government’s facilitation mechanisms for strategic investment projects, infrastructure flagship initiatives, and other projects of national significance under Executive Order No. 18.
The BOI has committed to conducting another INFA-Net meeting later this year to continue fostering collaboration and addressing investor concerns.