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Manila Bulletin devider Business devider Trade & Industry devider BOI vows to address Japan investors' concerns

BOI vows to address Japan investors' concerns

Published Sep 28, 2023 09:39 am

At A Glance

  • The Board of Investments (BOI) said that during the Sept. 13- 14 meeting, the Japanese side raised issues and concerns on Value-Added Tax (VAT) refund system, tax incentives for special economic zones under the CREATE Act, streamlining the application process for the transfer of assets in an ecozone; Green Lane structure and operation, easing regulatory restrictions for the Philippine Contractors Accreditation Board (PCAB), the Mactan-Cebu Airport Expansion Plan, and the Export controls for the mining sector.  


The Philippine government said it will address issues and concerns raised by the Japanese investors during the 10th Consultative Group meeting for the Philippines-Japan Economic Partnership Agreement (PJEPA) Sub-Committee on Improvement of the Business Environment (SC-IBE).  

In a statement, the Board of Investments (BOI) said that during the Sept. 13 to 14 meeting, the Japanese side raised issues and concerns on Value-Added Tax (VAT) refund system, tax incentives for special economic zones under the CREATE Act, streamlining the application process for the transfer of assets in an ecozone; Green Lane structure and operation, easing regulatory restrictions for the Philippine Contractors Accreditation Board (PCAB), the Mactan-Cebu Airport Expansion Plan, and the Export controls for the mining sector.  

PJEPA.PNG
Making more investments happen with Japanese investors: Mr. Daisuke Nihei Minister for Economic Affairs, Embassy of Japan in the Philippines (EOJ) (left photo) and Executive Director Bobby Fondevilla of the BOI’s Investment Assistance Centre (IAC) during the consultative group’s meeting at the BOI’s Main Office in Makati City on September 14, 2023.

The Philippine panel assured that the whole-of-government will continue to provide updates and coordinate with relevant government agencies to expedite the resolution of issues raised during the consultative meeting.

BOI Executive Director Bobby Fondevilla of the agency’s Investment Assistance Centre (IAC) said the meeting was an opportunity for them to adopt measures to simplify the application procedures to accelerate business in the country.   

“We highlight the importance of furthering bilateral economic relations through the introduction of improvements through this consultative meeting. The commitments to be made after this meeting will improve two-way business to enable both sides to gain parity or more preferential commitments with each other’s FTA partners, this will ultimately translate to commercial gains for both parties,” he told the members of the consultative group.  

“In effect, these actions will result in considerable increase in job generation and a market economy that can compete with the international community,” he added.  

The BOI also updated the Japanese investors that the One-Stop-Action-Center for Strategic Investments (OSAC-SI) is now accepting applications for green lanes. Signed by President Ferdinand Marcos Jr. this year, Executive Order 18 designated the BOI as the (OSAC-SI), which shall serve as the single point of entry for all projects that qualify as strategic investments. 

The EO also mandates the establishment of Green Lanes across all government agencies to expedite and streamline the processes and requirements for the issuance of permits and licenses of Strategic Investments endorsed by the OSAC-SI. 

From the Japan side, 15 Japanese investors expressed its commitment to work more closely with Philippine officials to create more jobs and invest in the Philippines. 

The Japanese investors also expressed their optimism about the Philippines’ economic outlook due to the promotion of liberalization and fair trade amid growing protectionist sentiment on the international stage.  

Representing the Japanese delegation, Daisuke Nihei Minister for Economic Affairs, Embassy of Japan in the Philippines (EOJ) commended the Philippines for taking game-changing measures to liberalize the country’s economic policies such as the amendments to the Foreign Investment Act (FIA), Retail Trade Liberalization Act (RTLA), Public Service Act (PSA) as well as the Renewable Energy Act.  

“We saw the strong commitment of the Philippine government in attracting foreign investors,” he said in his remarks.  

Meanwhile, Nobuo Fujii, Vice-President of the Japanese Chamber of Commerce and Industry of the Philippines, Inc. (JCCIPI), emphasized that they are looking to create more investments and employment opportunities in the Philippines.  

 

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