MANILA, Philippines - The government expects to attract more investors in the country with the launch of a new online platform aimed at improving business transactions.
Called One Window Network (OWN), the Board of Investment (BOI) said the cloud based web portal and online system is seen to hasten government agencies’ resolution of investor issues and concerns.
“We recognize the importance of investment servicing and facilitation for both domestic and foreign investors in making investment decisions. We strive on putting mechanisms to ensure predictability, transparency, and accountability of business transactions in the country,” BOI executive director Raul Angeles said.
Angeles said the establishment of OWN intends to improve the efficiency of delivering government frontline services by putting in place a cloud based web portal that contains business procedures, policies, and requirements.
He said it is also aimed at establishing an online investment assistance for investor queries and complaints as well as provide mechanism for the monitoring of government’s compliance to the Anti-Red Tape Act of 2007.
“Let us continue to cooperate for more effective and efficient government service in order to bring out the economic development that will redound to inclusive growth and employment opportunities to our countrymen,” Angeles said.
University of the Philippines Information Technology Development Center director Paulo Noel Paje said OWN would allow investors to benefit from a wide array of government services that are now just one-click away.
“Investors will now have the ability of directly engaging with specific government agencies - no more waiting for the next day office hours, no more cycle of making follow-ups with the agencies and more importantly, no more unanswered questions. Our investors can now open a vast chest of investment information,” Paje said.
The development of OWN has also received positive feedbacks from the private sector.
Philippine Chamber of Commerce and Industry chairman for SME development committee Apolinar Aure said the country’s largest business organization is committed to support initiatives such as OWN which would not only help attract more investments in the country but is also critical for the retention, expansion, and diversification of existing businesses..
“The establishment of the OWN will definitely provide a big boost in our efforts to promote investments across the country. It is said that more than fiscal incentives, investors look for areas or localities that have streamlined bureaucratic procedures and provide investment facilitation services to their clients,” Aure said.