The Board of Investments (BOI) met stakeholders in Bicol on Friday to brief them on the government’s Investment Priorities Plan (IPP).
The forum, held in Naga City, also discussed investment opportunities in the region.
The IPP, the country’s investments blueprint, focuses on eight preferred economic activities: manufacturing, agribusiness and fisheries, services, economic and low-cost housing, hospitals, energy, public infrastructure and logistics, and public-private partnership (PPP) projects.
The IPP was approved last year by President Aquino thru Memorandum Order 74.
“The IPP supports the country’s new industrial policy to increase employment, promote higher value-adding activities of MSMEs (medium, small and micro enterprises) in the supply chains, and strengthen participation of our local industries in the regional and global production networks,” BOI Executive Director Raul V. Angeles said.
Salient features of the IPP include consideration for the impact of an economic activity in a particular region, province, or a cluster of local government units, such as in the generation of decent and quality jobs for the targeted locality.
According to Angeles, Bicol posted a 6.3 percent unemployment rate last year, above the national average of 6.8 percent. This has contributed to the region’s being the seventh poorest in the country.
“We are working in close partnership with the private sector to identify products where Region 5 has competitive advantage. There are many investment opportunities that are yet to be explored in the region. By providing appropriate and sufficient support, including policy interventions, major economic sectors in the region can ignite local development and inclusive growth,” Angeles added.
The forum was attended by stakeholders from Masbate, Catanduanes, Sorsogon, Albay, Camarines Sur and Camarines Norte.
Previous IPP briefings have been conducted in Baguio, Dipolog, La Union, Cagayan De Oro, and Palawan.