Bank of China to aid BOI in investment promotion
The Board of Investments (BOI), the industry development and investments promotion arm of the Department of Trade and Industry, has inked an agreement with one of China’s leading financial institutions for business cooperation on the promotion of investments in the Philippines.
The BOI said Bank of China (BOC) is set to promote investments through the conduct of investment seminars or missions, including business matching activities.
Under the partnership, both parties will also collaborate to foster economic and industrial linkages between investors and corporations by way of information monitoring and sharing on doing business and industry data.
The BOI and BOC will also set up a special working team to undertake areas of cooperation and other shared efforts to attract more investments in the Philippines.
With the new collaboration between BOI and BOC, BOI managing head Ceferino Rodolfo said Philippines and China economic relations is expected to continue to prosper, with more Chinese investors doing business in the country.
“We are delighted to offer various investment opportunities that can be registered with the BOI through the 2017-2019 Investment Priorities Plan for Chinese companies. The BOI can help investors starting with their due diligence up to the company’s full operation,” Rodolfo said.
“We are very happy to collaborate with the BOI by promoting Philippines to our business clients. As more Chinese investors are showing genuine interest to do business here, the BOC’s mission is to be the bridge between the Chinese market and the Philippine market and promote the use of renminbi as an alternative settlement currency to lower the cost of trade between these two countries,” Bank of China Ltd. Manila country head Deng Jun said.
According to the BOI, Philippine and China relations continue to strengthen as both countries embarked on undertaking various agreements and initiatives which aims to further improve and develop economic relations.
China investments registered in the BOI in 2017 stood at P575.84 million.