The Board of Investments (BOI), the investments promotion unit of the Department of Trade and Industry (DTI), is hosting a meeting of the investments committee of the Association of Southeast Asian Nations (Asean) ahead of the Philippines’ chairmanship for investments in the region next year.
In a statement, the BOI said it is hosting the 68th Meeting of the Coordinating Committee on Investments (CCI) in Panglao, Bohol on June 22 to 24.
The CCI, which meets twice a year, discusses matters relating to the Four Pillars of the Asean Comprehensive Investment Agreement (ACIA), which are investment promotion, facilitation, protection, and liberalization.
Based on the four pillars, the CCI is the main body that implements programs and activities aimed at making Asean a hub for investments.
The Philippines’ hosting of the CCI meeting through the BOI will be advantageous to the country given its goal to become a premier investment destination in the region.
During the meeting, the Philippines will discuss the proposed key deliverables of the CCI, as the country plans for its assumption of the chairmanship of Asean in 2017.
The proposal aims to further contribute to the attainment of the regional goal of promoting intra-Asean investments and making Asean the preferred investment destination for global investors.
In particular, the Philippines’ proposal will include activities to support the participation of micro, small and medium enterprises (MSMEs) in the regional value chain, as well as the assessment of the different requirements in business registrations for Asean member countries, with an eye toward greater integration and streamlining of these within the region.
The ACIA is Asean’s instrument to ensure the free flow of investments within the region to support of the goals of an integrated ASEAN Economic Community (AEC). The agreement took effect in March 2012 and has since then been the Asean member countries’ guide to undertaking initiatives to promote investments into Asean.
The CCI is ASEAN’s technical body, which oversees the implementation of ACIA and provides technical support to the Asean Investment Area (AIA) Council and the Asean Economic Ministers (AEM) on investment matters.
The Philippines is represented by BOI Executive Director for Industry Development Services Ma. Corazon Halili-Dichosa with Ms. Fe L. Del Rosario, Division Chief, Investments Policy and Planning Service (IPPS) as alternate Philippine Lead.
The country’s last hosting was in April 2012 for the 56th CCI Meeting which was held in Puerto Princesa, Palawan.