Growing Industries through the IPP; BOI briefs stakeholders in Bicol Region

Naga City – The Board of Investments (BOI) met with Region 5 stakeholders today (13 November 2015) to brief them on the salient features and implementing guidelines of the 2014-2016 Investment Priorities Plan (IPP). The forum titled “Domestic Investment Roadshow: Presentation of the 2014-2016 IPP” will also discuss investment opportunities for potential and existing investors in the Bicol region.

The IPP, the country’s investments blueprint, focuses on eight preferred economic activities (four broad sectors and four specific activities), subsectors, and specific supply and value-chain gaps. These are Manufacturing, Agribusiness and Fishery, Services, Economic and Low-cost Housing, Hospitals, Energy, Public Infrastructure and Logistics, Private-Public Partnership (PPP) Projects. The IPP, approved last year by President Aquino thru Memorandum Order No. 74, will be reviewed annually for effective implementation.

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.The IPP also promotes Inclusive Business (IB), Corporate Social Responsibility (CSR) and Good Corporate Governance as programs which support development.

“The IPP supports the country’s new industrial policy to increase employment, promote higher value adding activities of MSMEs in the supply chains, and strengthen participation of our local industries in the regional and global production networks,” said BOI Executive Director Raul V. Angeles.

Region 5 has the highest underemployment rate in the country. In 2014, Bicol posted a 6.3% unemployment rate. It was above the 6.8% national average recorded in the same year. This economic situation makes the region as the seventh poorest among the regions 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, includingpolicy interventions, major economic sectors in the region canignite local development and inclusive growth,” Angeles added.

The forum was attended by stakeholders from Region 5 provinces Masbate, Catanduanes, Sorsogon, Albay, Camarines Sur, and Camarines Norte. Some 180  participants from government agencies, chambers of commerce, business support organizations, the academe, members of the Regional Development Council, NGOs, consumer organizations and the media were also in attended the IPP Roadshow in Naga city. Previous IPP briefings were conducted in Baguio, Dipolog, La Union, Cagayan De Oro, and Palawan.