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Manila Bulletin devider Business devider Trade & Industry devider BOI, Security Bank ink agreement to attract more foreign investments in PH

BOI, Security Bank ink agreement to attract more foreign investments in PH

Published Oct 23, 2023 12:52 am

The Philippine Board of Investments (BOI) signed a Memorandum of Agreement (MOA) with Security Bank Corporation (SBC) on Friday, Oct. 20, accrediting SBC as one of the depository banks for the BOI’s Special Investor’s Resident Visa (SIRV) program, which offers residence visas with multiple-entry privileges for a minimum $75,000 investment in eligible businesses.

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 in an eligible type of business – whether service or manufacturing industry – under Book V of Executive Order 226, as amended. 

“We at the Board of Investments are optimistic that this collaboration with the Security Bank Corporation 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 F. Magsino said. 

As a result of this momentous collaboration, foreign investors can send their money to the Philippines through SBC to qualify for SIRV.

The MOA signing at SBC’s Centre in Makati City was led by Magsino, Branch Banking Group (BBG) Vice President Jayson Lontoc; BBG Executive Vice President Leslie Cham, BOI’s Incentives Administration Service (IAS) Acting Director Ryan Ramos, and BOI’s International Investments Promotion Service (IIPS) Director Lanie Dormiendo. 

Aside from SBC, the BOI-accredited depository banks for the SIRV program are the Development Bank of the Philippines (DBP), Land Bank of the Philippines (LBP), and East West Banking Corporation.

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