BoI convenes IIPCC

THE Philippine Board of Investments (BoI) convened the Inter-Agency Investment Promotion Coordination Committee (IIPCC) to strengthen investment opportunities through enhanced cooperation and underscored support to the country’s industrialization strategy.

The inaugural meeting was presided by Trade Secretary Alfredo Pascual, who also serves as the BoI and IIPCC chairman.

“Let us provide the direction on our efforts to bring more foreign investments into the country. We must make sure that we can industrialize,” Pascual said.

During the meeting, he presented concrete actions needed to improve the country’s FDI performance, which fell by 19.2 percent to $797 million in August from $987 million a year earlier.

Echoing the secretary’s call, Trade Undersecretary Ceferino Rodolfo, managing head of the BoI, emphasized the need to seize opportunity to realize higher foreign direct investments through particular priority actions.

Meanwhile, the members of the committee pledged to strengthen their collaboration to realize intertwined approaches in image building, investment promotion, generation and facilitation.

Aiming to achieve a world-class brand image for the country, the IIPCC was established through the passage of the Republic Act 11647, or the amended “Foreign Investment Act” (FIA), under which the IIPCC was mandated to integrate all promotion and facilitation efforts to encourage foreign investments in the country.

Along with the Public Service Act and Retail Trade Liberalization Act, the amended FIA makes the country’s business climate more open to foreign investments. The new economic measure significantly stepped up potential foreign investments by streamlining requirements for prospective foreign investors to enter the Philippine market.

The amended FIA clears a path for foreign investors to set up, invest and fully-own micro and small domestic market enterprises with paid-up equity below the stated threshold but not below $100,000. The law further cuts down employment requirement for foreign investments in domestic market enterprises from 50 direct employees to at least 15 Filipino employees. It also allows foreign nationals engaged in export enterprises 100-percent ownership in areas outside the Foreign Investment Negative List.

Embarking on a path toward a culture of cooperation, the law axes competition for investments among the IPAs, resulting in the best possible locational choice for investments in the Philippines. Headed by its executive director for promotions as part of the IIPCC Secretariat tasked to provide administrative support to the committee, the BoI plays a significant role in the country’s investment promotion efforts.