BOI accredits Security Bank for SIRV program

MANILA, Philippines — The Philippine Board of Investments (BOI) has accredited Security Bank Corp. as one of the depository banks for the BOI’s Special Investor’s Resident Visa (SIRV) program.

In a statement, the BOI said it signed a memorandum of agreement with Security Bank Corp. for the accreditation on Oct. 20.

“We at the Board of Investments are optimistic that this collaboration with the Security Bank Corp. will further strengthen the synergy of government and the private sector, and, hopefully, lead to a mutually beneficial relationship for both parties,” BOI executive director Maria Veronica Magsino said.

The BOI’s SIRV program aims to increase the country’s foreign currency reserves by providing a residence visa with multiple-entry privileges in exchange for a minimum investment of $75,000 in an eligible type of business (service or manufacturing industry) under Book V of E.O. 226, as amended.

“As a result of this momentous collaboration, foreign investors can send their money to the Philippines through the Security Bank Corp. to qualify for SIRV,” the BOI said.

Aside from the Security Bank, the BOI-accredited depository banks for the SIRV program are the Development Bank of the Philippines, Land Bank of the Philippines and East West Banking Corp.

The BOI said the program aims to attract foreign investments in the Philippines.

Trade Undersecretary and BOI managing head Ceferino Rodolfo recently reported a growing trend for foreign investments it has approved this year.

He shared that foreign investments approved by the BOI from January to September amounted to P427 billion, nearly 60 percent of the P734 billion total approved investments in the three quarters of the year.

Rodolfo said projects from Germany accounted for 80 percent of the approved foreign investments.

He said many more projects are in the pipeline from both German investors, most of which are in the renewable energy (RE) sector.

Rodolfo cited the strong interest from European investors to the President’s efforts to invite investors, citing his previous roundtable meeting with European investors in Brussels, Belgium.

“In the past, we weren’t the darling of the EU countries for some reason. But when the president said we are open for business, and they saw the policy reforms of the country, they came in,” Rodolfo said.

In a bid to attract more investments in renewable energy, the Department of Energy issued a circular last year, allowing 100 percent foreign equity in renewables.

Apart from renewable energy, Rodolfo cited that foreign investors have also been expressing interest in telecoms, mineral processing and high-technology manufacturing.

For mineral processing, most of the companies that have expressed interest are Chinese, South Korean and Japanese.

“No one has invested yet, but we are tracking it. We are actively engaged with private sector companies and their prospective foreign partners,” Rodolfo said.