THE Board of Investments (BOI) has signed an agreement with the Cabuyao city government in Laguna province to strengthen collaboration in attracting more investments and to promote the ease of doing business in the Philippines.
This includes streamlining processes in setting up a business in the country.
BOI will promote Cabuyao as a premier investment destination by providing potential investors with information on the city’s priority investment areas.
The city government, meanwhile, will authorize BOI in facilitating business and/or investment applications and follow-ups, as needed.
“The [agreement]is a welcome development, as this further complements the agency’s various initiatives to strategically promote the country as an investment destination of choice and generate much-needed employment for Filipinos,” BOI Assistant Secretary Fe Agoncillo Reyes said.
Cabuyao City Mayor Rommel Gecolea hopes that more local government units (LGUs) will partner with the agency.
“This [deal presents]a great opportunity, because as soon as we start our collaboration, other LGUs will also do the same,” Gecolea said.
“We decided to get in touch with BOI because I believe that the key to prosperity is investments,” he added.
The agreement resulted from one of BOI’s investment briefings, conducted through its Investment Assistance Service-Counseling and Business Requirement Division.
BOI is working on similar deals with other LGUs where it had conducted such briefings.
Region 4A (Cavite, Laguna, Batangas, Rizal and Quezon provinces, or Calabarzon) has been the top location for BOI-registered investment projects for the past two years.
It recorded P294.61 million worth of investments last year, an 187.81-percent increase from 2016’s figure. The amount made up 47.78 percent of total BOI-approved investments in 2017.