The Board of Investments (BOI), the industry development and investments promotion arm of the Department of Trade and Industry (DTI), is gathering representatives of various government agencies next week to discuss and generate comments and recommendations on the DTI’s proposed inclusive business (IB) in government policies.
IBs are models that companies and groups use to encourage low-income communities to improve supply chains not out of charity, but because of good business sense and opportunity.
The inclusion of communities is expected to improve the quality of life of the poor, as well as upgrade businesses with diversified supply and distribution systems.
The BOI said the IB forum—“Mainstreaming IB in Government Policies”—is expected to generate insights and recommendations from various government agencies on how to formulate policies that will improve local industries and sectors and make these globally competitive.
“Such insights and recommendations are important to craft policies that will further enable local industries and sectors to be globally competitive, while at the same time ensuring that they also strike a balance between being profitable and taking into account social good by involving the host communities of their businesses in their value chains,” the BOI said in a statement.
The upcoming forum followed BOI’s past forums relating to public-private IB adoption in August, September and November last year. The past talks brought together various government agencies, industry representatives and DTI regional offices that have direct link with host communities.
The BOI said this is in line with the government’s drive toward inclusive growth, to have an IB policy clause in the BOI’s 2014-2016 Investment Priorities Plan that encourages enterprises to adopt IB strategies and methods.
The clause is seen to provide decent income and work opportunities for communities by improving their living standards and reducing poverty incidence, as well as the quality of goods and services produced within the enterprises’ supply or value chains.
There are more than 700 million people in the Asia-Pacific region, including the Philippines, that live below the $1.25 per day (about P60 per day) poverty line.
The BOI believes the IB models can transform the communities into a new market for goods and services, as well as a resource pool of talent, skilled labor, and entrepreneurs.
The relationship strengthens value chains and ensures the sustainability of businesses and
their host communities.