The Board of Investments (BOI) has committed to tackling the persistent challenges faced by local and foreign investors in the country through enhanced policy alignment and increased collaboration among government agencies.
In a statement on Wednesday, July 3, Bobby G. Fondevilla, BOI executive director, stressed the significance of interagency cooperation and coordination in driving policy improvements and alignment.
BOI has identified several business concerns, including business registration, taxation, import procedures, consistency in the investment framework, and developments in the industrial sector, among others.
To address these concerns and support investors, BOI spearheaded the first Investment Promotion Unit Network (IPU-Net) meeting in partnership with the Department of Interior and Local Government (DILG).
Acting as the IPU-Network Secretariat, BOI convened the 36-member agency to address recurring issues and complex challenges in the business environment.
Fondevilla emphasized, "This continuous dialogue is essential for fostering a more conducive and streamlined investment climate in the Philippines.”
During the meeting facilitated by the BOI Investments Assistance Service, various critical issues were discussed, including the registration of juridical entities, value-added tax (VAT) refund applications, customs procedures and requirements, applications for licenses to operate, and product registrations.
Moreover, BOI tackled concerns related to the process of land conversion, applications for tree-cutting permits, obtaining favorable endorsements from local government units, an overview of Executive Order No. 59 (Infrastructure Flagship Projects), and energy transmission issues.
"The commitments we make following this meeting will enhance the business environment, attracting more investments, creating jobs, and improving the perception of investors in our country," Fondevilla added.
Significantly, the concerned agencies responded to the issues, provided policy updates, and recommended ways forward to ensure no unnecessary delays in government processes.
Proposals included adopting strategies aimed at digitalizing government operations, streamlining business registration and land conversion applications, and securing favorable endorsements from LGUs, among others.
Additionally, the agencies assured continued updates and coordination with relevant government bodies to expedite the resolution of issues raised during the meeting.
Agencies were also recognized for their initiatives to address investor issues, such as the passage of the Ease of Paying Taxes Act, the integration of government services into the e-Gov super application, and the designation of Green Lane focal units for Executive Order No. 18. A proposal to institutionalize the IPU-Network through the execution of a Joint Memorandum Circular was also discussed, and a proposition to rename the IPU-Network to Investment Facilitation Unit Network.