BOI, Makati LGU team up to attract investments

MANILA, Philippines — The Board of Investments (BOI) is working with the Makati City government to attract more investments in the country.

In a statement yesterday, the investment promotion agency said it is working with the Makati City local government unit (LGU), which seeks to generate more investments to create more business opportunities.

“Makati grew as one of the most progressive financial centers and commercial hubs in the Philippines. With its highly developed infrastructure, world-class amenities, and innovative service delivery, Makati City became the preferred location of investors in the Philippines,” BOI executive director Bobby Fondevilla said.

To help attract more investors, the BOI recently conducted a webinar to inform Makati LGU officials of steps they can take.

Fondevilla said it is important to learn promotional strategies to help the city boost its competitiveness and make Makati an investment destination of choice.

For his part, Lubin de Vera Jr., supervising investments specialist of the BOI’s Investments Assistance Service, underscored the critical role of LGUs in accommodating investors.

“If the LGUs are not ready to host the investors, an investor will not enter the market,” he said, stressing non-fiscal incentives are better when it comes to investment promotion as fiscal perks are time-bound.

As investors are looking for predictability, he also emphasized the importance of aligning policies of the LGU with the national government like the Local Investment and Incentives Code with the Strategic Investment Priority Plan, which identifies projects or activities that can qualify for incentives.

He said a regular meeting and dialogue with the investors should also be conducted by the LGU.

As the government’s lead investment promotion agency, the BOI said it could provide assistance in linking up the LGU to particular investors.

To attract investments in the country, the BOI has the Make It Happen investment promotion campaign, which targets investors in 18 countries and focuses on key industries such as automotive, aerospace, electronics, information technology – business process management, and copper or nickel.

Earlier this year, the Corporate Recovery and Tax Incentives for Enterprises Act was signed into law, which is expected to help attract investors.

The law reduced the corporate income tax rate and modernized the incentives system.