BOI seeks more globally competitive industries

MANILA, Philippines – Armed with a bigger budget for the Industry Development Program (IDP), the Board of Investments (BOI) is seeking to elevate more local industries as competitive players in the global market this year.

The BOI said yesterday the Department of Budget and Management has approved P100 million for the implementation of specific IDP projects this year, higher than last year’s allocation of P89.5 million.

The funds are part of the DBM-approved total budget of P239 billion and P289 billion for the Manufacturing Resurgence Program in 2015 and 2016, respectively.

“The BOI will continue to pursue an integrated approach in implementing the IDP including its partnership with the industries and sectors in the development and implementation of industry roadmaps through its Industry Roadmapping Project,” the agency said.

According to the BOI, an industry roadmap details a sector’s current situationer and outlines the various interventions it needs to be globally competitive.

The roadmaps are crafted by the local industries themselves with the guidance of BOI and other government agencies.

The BOI said industry roadmaps serve as basis for effecting policies and implementing programs that support the development and growth of industries, including government funding to support its key initiatives.

To date, there are already 40 sectoral roadmaps submitted to the BOI.

Of the 40, 32 roadmaps have been completed and are currently being implemented or for implementation, while the rest are still subject to enhancement and finalization.

Roadmaps under development are for the Christmas décor, gifts and housewares, footwear, garments, textiles, mineral processing, processed fishery products, and processed meat sectors, the BOI reported.

Within the first quarter of the year, the BOI said two regional conferences on the localization of industry roadmaps are scheduled in Ilocos and Leyte.

The Ilocos localization on March 4 will have thriving industries in the area such as processed meat and fruits, cacao, and coffee as core topics.

The Leyte localization, meanwhile, is set on March 10 and would have copper and other dominant sectors as center of the discussions, the BOI said.