BOI eyes more investments in Ilocos Norte

MANILA, Philippines — The Board of Investments (BOI) has signed a memorandum of agreement with the provincial government of Ilocos Norte (PGIN) for the alignment and collaboration in areas of investment promotion and facilitation, and investor servicing activities.

“With the newly-forged strategic partnership, the BOI and the PGIN commit to strongly position the province as a prime gateway to East Asia and a major commercial hub in Northern Philippines, linking North and Central Luzon to Asian countries such as Taiwan, China, Hong Kong, Japan, and South Korea,” the BOI said in a statement yesterday.

It said the agreement would align the efforts of both offices in creating an enabling business-friendly environment that will generate and fasttrack the realization of highly desirable investments in Ilocos Norte, particularly in the agriculture, tourism, renewables, infrastructure, and services sectors.

Under the MOA, the PGIN will provide the BOI with up-to-date, relevant information such as the province’s investment profile and opportunities, projects for joint ventures, land use plan for investments, local investment, and incentives code, as well as investment-related issues and concerns for preventive facilitation, among others.

The LGU will also be responsible for the establishment of a green lane for BOI-registered firms to expedite the generation, expansion, and diversification of strategic investments in its jurisdiction, complementing the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.

On the part of the BOI, it will assist the LGU to make it a top investment destination mainly by cascading its technical expertise on investment-related matters and linking PGIN to prospective investors in the country and abroad.

Trade Undersecretary and BOI managing head Ceferino Rodolfo said that numerous investment opportunities are bound to happen in Ilocos Norte because of its irreplaceable geographical location, investment readiness, forward-looking leaders, and its established offerings for the renewable energy sector which could woo more investors given the increasing importance being placed on carbon neutrality and on shifting to renewables to address climate change.

As an example, he cited that the Burgos Wind Farm, the largest wind power project in the country and in Southeast Asia, is located in the province.

In addition, the BOI pointed out that PGI officially welcomed BuhaWind Energy’s offshore wind farm investments in the province.

“These strengths could also position Ilocos Norte as a top destination for high-value manufacturing and agriculture, powered by renewable energy,” the BOI said.

Ilocos Norte Governor Matthew Marcos Manotoc asserted that the province would sustain its investment readiness and would make sure that its development goals, investment policies, and proactive programs would be well-aligned with the national government.

For instance, he shared that the province’s Local Investment and Incentive Code (LIIC) was crafted to attract highly desirable projects and responsible businesses, waiving its share on real property taxes as an incentive. This is on top of the Fiscal Incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE Act) administered by the National Government.

“We look forward to working with you. On behalf of the Provincial Government of Ilocos Norte, we are very thankful for the BOI for its support,” he said, adding that the MOA will deepen and enhance the endeavors to generate more strategic investments and high-quality jobs for Ilocanos and Ilocanas.

For his part, BOI Investments Assistance Center Executive Director Bobby Fondevilla assured Manotoc of the BOI’s continued support for Ilocos Norte’s thrust to become a preferred location for strategic investments.

“This is just the beginning of our strategic and productive partnership, and we will strive for the continuous development of both our nation and local competitiveness. As partners, let us work together on improving the ease of doing business in the country and continue creating a business-enabling environment for our stakeholders,” Fondevilla said.

“This MOA will benefit both parties in terms of productivity, but ultimately the country as a whole specifically on furthering economic development and growth through increased strategic investments that will fill in the gaps in the industries’ value chains and generate quality employment for our countrymen. We will give our full assistance in realizing the Ilocos Norte’s plan on placing itself as a prime gateway to East Asia and a major commercial hub in Northern Philippines,” he said.