Gov’t investment promotion agencies hold Summit, reaffirms commitment to further promote PH as investment destination of choice
The investment promotion units (IPUs) of 28 government agencies has reaffirmed their commitment during the group’s IPU Network Summit recently (December 1, 2016) to further enhance their collaboration and complementation efforts in facilitating and assisting existing and potential investors in a bid to further promotion the Philippines as an investment destination of choice.
The IPU Network is originally composed of 28 government agencies dedicated to facilitate and resolve investors’ issues and concerns namely the BOI, Bangko Sentral ng Pilipinas (BSP), Bureau of Customs (BOC), Food and Drug Administration (FDA), Bureau of Immigration (BI), Bureau of Internal Revenue (BIR), Civil Service Commission (CSC), Commission on Information and Communications Technology (CITC), Department of Agrarian Reform (DAR), Department of Agriculture (DA), Department of Energy (DOE), Department of Environment and Natural Resources (DENR), Department of Finance (DOF), Department of Foreign Affairs (DOF), Department of Interior and Local Government (DILG), Department of Labor and Employment (DOLE), Department of Public Works and Highways (DPWH), Department of Science and Technology (DOST), Department of Tourism (DOT), Department of Transportation and Communications (DOTC), 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). The Department of Health (DOH) was the latest to join the group in 2015.
BOI, being the lead government agency in investments promotion and the secretariat of the IPU-Net, convened the summit at The B Hotel in Quezon City to discuss the group’s initiatives and accomplishments for the year and how all the members can further sustain these efforts to further improve the business environment in the country through streamlining of procedures and establishment of close coordination between and among the concerned government agencies on matters involving investments and investors’ issues and concerns.
“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/structural reforms, simplification of business procedures, and among other concerns of foreign and domestic investors,” said BOI Director for Investment Assistance Domingo Bagaporo, who also serves as chair of the IPU Net meeting.
Already, the BOI and the IPU Net outperformed its performance last year by 67 percent. “This only means that the commitment of the IPU Net members to expedite the resolution of investors’ issues and concerns is very much intact. We will continue to strive in creating initiatives to further improve our international competitiveness in the ease of doing business to generate more investments for the country, and more jobs for the Filipino people,” said Director Bagaporo.
In the first 11 months of the year, the IPU Net facilitated 241 issues and concerns which is 67% higher of the group’s 2015 performance. The group also received a 99% customer satisfaction, higher than the 87% target. Of the various issues and concerns, about 52% were related to investment policies and guidelines, 41% were for follow-ups on pending applications and requests, and 7% were related to fraud, misrepresentations, and inquiry about the legitimacy of companies.
Among these issues and concerns brought to the IPU Net, 9% were for the DENR, 5% for the Bureau of Imports Services (BIS), 7% for the Food and Drug Administration (FDA), 4% for the Department of Trade and Industry (DTI), 5% for the Bureau of Immigration (BI), and 3% for the Bureau of Internal Revenue (BIR). The remaining 28% were for various agencies like Philippine Ports Authority (PPA), Intellectual Property Office (IPO), Securities and Exchange Commission (SEC), Office of Management and Budget (OMB), Social Security System (SSS), Department of Interior and Local Government (DILG), Bureau of Product Standards (BPS), Philippine National Police (PNP), and Subic Bay Metropolitan Authority (SBMA).
The BOI resolved a total of 188 issues and concerns, inclusive of cases referred to the IPU Net members for further assistance. The IPU Net members are set to renew their commitment next year, in time for the group’s 10th Year Anniversary. (END)