BOI, 33 others to ink MOA on ease of doing business

MANILA, Philippines — The Board of Investments (BOI) and 33 other agencies part of the Investments Promotion Unit Network (IPU Net) are set to sign a memorandum of agreement (MOA) next month to work together in improving the ease of doing business in the country through immediate resolution of issues faced by investors.

In a statement, the BOI said the MOA would be signed on July 10, after its contents were finalized during a meeting held last May 24.

The BOI, which serves as the IPU Net secretariat through its Investment Assistance Service, presided the review of the MOA and collated the inputs given by other agencies.

Once signed, the MOA would serve as a testament of the IPU Net members’ commitment to comply with Republic Act (RA) 11032 or the Ease of Doing Business and Efficient Delivery of Government Services Act.

Signed by President Duterte in May last year, RA 11032 seeks to remove bureaucratic red tape by requiring agencies to complete transactions within a prescribed period.

In particular, simple transactions should be completed within three days, while complex transactions should be finished within seven days, and highly technical transactions should be acted upon in 20 days.

“The MOA provides that the IPU Net member agencies will actively and efficiently collaborate in resolving investor issues, concerns, and queries to avoid delays in business registration and permitting or licensing processes,” the BOI said.

IPU Net, which was set up in 2007, aims to improve the business environment in the country through streamlined procedures and close coordination among government agencies in investor and business-related issues and concerns.

Under the MOA, each member agencies would also have a designated person to be part of communication channels to be set up for exchange of information.

In addition, the Anti-Red Tape Authority (ARTA) will be responsible for facilitating the issues not acted upon by concerned government agencies.

“We have gained so much ground in our efforts to streamline our processes and procedures with the active participation of all stakeholders. As we finalized this, we look forward to the eventual signing of the MOA,” BOI IAS director Bobby Fondevilla said.

Ease of doing business has been identified as among the top concerns of both existing and prospective investors in the Philippines.

While RA 11032 was signed last year, its implementing rules and regulations have not been released as the President has not yet appointed ARTA ’s director general who under the law is responsible for the issuance of the rules along with the Department of Trade and Industry Secretary and Civil Service Commission chairman.