The Board of Investments (BOI) through its Domestic Investments Promotion Service (BOI-DIPS) recently concluded the virtual Capability Building Training (CBT) known as “Promoting Sustainable Investment in the New Normal and the Local Investments and Incentives Code Review among the local government units (LGUs) of Ilocos Sur province, via Zoom on 26-27 August 2021.
A total of 52 participants, comprising of Local Economic Development and Investments Promotion Officers (LEDIPOs), Business Processing and Licensing Officers (BPLOs), representatives from the Provincial Government of Ilocos Sur as well as participants from the regional and provincial offices of the Department of Trade and Industry (DTI) headed by Regional Director Grace Falgui-Baluyan and Provincial Director Grace R. Lapastora of Ilocos Sur attended the training.
“The main objective is to train the participants on how to promote the locality at this time like how they must prepare their respective areas to be investment-ready to host investments. Investment promotion has already evolved and that doing things differently now is the key to do more with less is necessary. The LGUs through the LEDIPOS and other IPOs should be more visible and should start the groundwork, update all the investment-related information needed by the investors,” BOI-DIPS Director Maria Rosario J. Dominguez emphasized during the event.
To equip and enhance knowledge and skills of participants on how to promote sustainable investments in Ilocos Sur in the new normal and effectively use their LIICs, the BOI-DIPS designed a module tailored-fit for the participants. Investment Promotion Strategies in the New Normal; the 2020 Investment Priorities Plan Updating of Local Investments and Incentives Code Guide; and Principles on the IRR of an LIIC. A workshop on LIIC Formulation Focus on Investment Priority Areas / Incentives (Fiscal/Non-Fiscal) were among the topics discussed in the training.
Ilocos Sur Vice Governor Jeremias C. Singson supported the activity as he led the constituents in determining the LGUs investments priority areas (IPAs) by joining in the workshop’s breakout rooms of Cluster’s 1, 2 and 3. In his message, Vice-Governor Singson urged LGUs “to do their part and apply the learnings in the training. He reminded, “The LGUs should concentrate on business development to strengthen the One Town One Province (OTOP) and convert all available resources to possible economic activity in order to support the economy of the province and of the country. The people must be taught how to fish instead of always providing the fish to the people.”
DTI-Regional Director Baluyan underscored that the “CBT for Ilocos Sur is indeed a good decision, timely and relevant considering the fact that Covid-19 modified the way things are, thus, the need to rethink /retool investments promotion strategies which will result in the provision of capital, jobs, skills, technology, exports, increase productivity, innovation, and even wages in the region”. She also pointed out on the need to revisit the competitiveness roadmap and identify possible programs, projects, and activities to improve resiliency, economic dynamism, good governance as well as infrastructure while the use of the Competitive Index (CMCI) and Seal of Good Local Governance (SGLG) as reference materials to improve LGUs’ image and brand as host to investments would be much helpful to attract investments.
Baluyan added that she encouraged proactive coordinative work to move as one so that all the efforts on investments promotion will contribute to the recovery of the economy in Region 1 in general and the Province of Ilocos Sur in particular especially at this time of the pandemic.
Likewise, DTI-Provincial Director Lapastora underscored “the important role of each LGU in formulating its strategies is anchored on their respective mission/vision that will solidify the foundation of their investments promotion efforts to improve the economy of their locality especially at this time of the pandemic.”
Investments generation is one of the key investments promotion strategies in capacitating the provinces. It is considered an avenue to develop industries and businesses that could boost regional economies. It embodies the Investments Promotion Areas (IPAs) of the LGUs, which may be provided with incentives, in accordance with the BOI’s Investments Priorities Plan (IPP) as the transitional Strategic Investments Priorities Plan (SIPP).
Moving forward, the LGUs are expected to work with BOI in generating potential investment leads from their respective areas which can be registered with BOI. As a follow up training, these LEDIPOs will join in the investment briefings with the BOI on the leads they generated to give them first hand experience in facilitating investments to locate in their area. Developing database on available investment locations, cost of doing business, potential joint venture partners and investment projects promotion will also be the priority investment activities of these LGUs. END