Investment council to convene in 2nd quarter

MANILA, Philippines - The Industry Development Council (IDC) is set to convene in the second quarter of this year.

“We expect the first meeting of the IDC will be in the second quarter of this year,” Board of Investments (BOI) governor Lucita Reyes told reporters.

She said an executive order (EO) will have to be issued first for the revival of the IDC.

The IDC was created during the term of President Fidel V. Ramos, but it stopped convening about a decade ago.

“There has to be an EO… We need to have it signed by the President,” Reyes said.

The BOI is currently preparing the EO.

The BOI wants to revive the IDC to work as a policymaking body to identify interventions to support the country’s overall industrial development.

The IDC, to be chaired by the Department of Trade and Industry, will be composed of representatives of other agencies such as the National Economic and Development Authority, Department of Finance, Department of Agriculture, and the private sector.

Reyes said the BOI is still identifying the private sector representatives that will be part of the IDC.

“These are not industry associations but basically eminent persons,” she said.

The revival of the IDC is in line with the government’s aim to push for the growth of the manufacturing sector.