THE Investment promotion units (IPU) of 28 government agencies are targeting to enhance coordination and complementation activities this year to address more investor concerns and encourage capital inflow into the country.
The Board of Investments (BOI) said that the IPU Network (IPU-Net) met recently and discussed its accomplishments in 2015 and how it can further sustain the efforts this year to improve the business environment in the country.
IPU-Net said it will continue streamlining procedures and establishing close coordination between government agencies this year.
“The group has been instrumental in investment facilitation activities including the removal and/or reduction of barriers and impediments to investments such as but not limited to trade and industry liberalization, institutional or structural reforms, simplification of business procedures, and among other concerns of foreign and domestic investors,” said Domingo Bagaporo, director for investment assistance service at the BOI and chair of the IPU-Net meeting.
Last year, IPU-Net facilitated 162 investment-related issues and concerns, which is more than double their target of 66 concerns. The group also logged 99-percent customer satisfaction rate, beating their target of 87 percent for 2015.
Of the issues and concerns, about 52 percent were related to policies and guidelines, 41 percent were for follow-ups on pending applications and requests, and 7 percent were related to fraud, misrepresentations, and inquiry about the legitimacy of companies.
The IPUs are currently participating in the BOI’s One Window Network (OWN), a cloud-based web portal and mobile application system that enables investors to lodge queries and concerns in real time online, and accessible on both computers and mobile devices.
BOI-OWN is part of the BOI’s transformation program to better serve its stakeholders and to promote a competitive business and investment environment in the country.
Last year, IPU-Net met with the American Chamber of Commerce of the Philippines Inc. (AmCham), European Chamber of Commerce in the Philippines (ECCP) and other foreign chambers in the country to inform them of the group’s initiatives.
Also through the IPU-Net, the BOI also signed five memoranda of agreement with various government agencies to speed up the processing of applications, permits and licenses of investors and businesses operating in the country.
The IPU-Net is composed of 28 government agencies. These include the BOI itself, Bangko Sentral ng Pilipinas (BSP), Bureau of Customs (BOC), the Food and Drug Administration, Bureau of Immigration, Bureau of Internal Revenue, Civil Service Commission (CSC), the major government departments, as well as the Housing Land Use Regulatory Board (HLURB), Manila International Airport Authority (MIAA), National Commission on Indigenous Peoples (NCIP), National Economic and Development Authority (NEDA), National Intelligence Coordinating Agency (NICA), Office of the Ombudsman, Philippine Overseas Employment Administration (POEA), and the Securities and Exchange Commission (SEC).