BOI takes steps to ease investment process

MANILA, Philippines - The Board of Investments (BOI) is strengthening its frontline services in an attempt to make investing in the country easier.

The BOI has tasked its National Economic Research and Business Action Center (NERBAC), considered as an investor’s door to making investment decisions, to help assist foreign and local businessmen. The NERBAC guides investors to jump-start their plan to do business in the Philippines. The unit is the expanded institutional successor of the former BOI One-Stop Action Center (OSAC).

The BOI noted that the move is consistent with President Aquino’s pronouncement to reduce the cost of doing business by streamlining procedures and facilitating business transactions.

NERBAC was created in response to the desire of the business community to simplify dealings on investment matters with government agencies. It offers the services to all types of business no matter how small or big the business is. Services range from rendering general business process counseling; discussing various options on investment prospects tailored to investor plans; providing timely information to help investors make informed business decisions; assisting in conferring with other national and local government agencies on investor concerns; and providing guidance on documentation procedures to realize investment goals.

From January to June 2010, the NERBAC assisted 635 potential investors through face-to-face counseling, telephone and emails. A total of 19 firm investments leads were generated totaling an estimated P10 billion in project costs.

The NERBAC is backed up by the entire BOI organization and enjoys a wide network of agencies and private sector partners for possible interface with investors. It has access to extensive knowledge-based data and information and manned by competent professionals always ready to assist.