BOI inks agreement with Tuguegarao for investment promotion

MANILA, Philippines — The Board of Investments (BOI) continues to partner with provincial local government units to enhance investor experience in the countryside.

In a statement yesterday, the BOI said it partnered with the city government of Tuguegarao to promote investments and enhance investor servicing.

“Tuguegarao, known as the “Gateway to the Ilocandia and the Cordilleras,” is a vital hub for trade, commerce, and enterprise activities in the region,” the BOI said.

According to the BOI, the partnership is aimed at igniting economic growth in Northeastern Luzon.

Earlier this year, the BOI signed similar agreements with the local governments of Samar, Cavite, and Bohol.

In April, the BOI inked a MOA with the province of Samar to enhance coordination and networking for investment facilitation, investor services, and promotion.

It said earlier that the MOA amplifies the government’s commitment to creating a business-friendly environment and providing ease of doing business in the country.

It said that the initiative also demonstrates the vital role that a local government unit (LGU) plays in the development of the country’s competitiveness as LGUs are the primary promoters of their municipalities and cities.

Under the partnership, the Province of Samar will provide the BOI with updated rules, regulations, guidelines and policies for obtaining business permits, investment-related information, such as priority areas, investment projects, and other opportunities. It will also create a green lane for BOI-registered entities.

The BOI, in turn, will provide technical assistance to Samar via consultations, workshops, seminars, or capacity development, if needed. It will also promote the province as an ideal investment destination by providing prospective investors on priority areas and incentive pursuant to the Local Investments and Incentives Code.

Latest figures from the BOI showed that domestic investments approved by the BOI from January to May reached P128.41 billion, 36 percent lower than P200.1 billion in the same period last year.