The Board of Investments (BOI) said it has recently inked an agreement with the provincial government of Cavite in a bid to further “make it easier” for investors to do business in the province.
Under the memorandum of agreement (MOA), BOI said the Cavite local government unit would provide “updated and relevant” information to the BOI such as investment profiles, priority areas and other opportunities.
Further, the investment promotion agency said Cavite would also establish a “green lane” for BOI-registered firms to fast-track the processing of projects.
For its part, the BOI said it would provide Cavite with technical support on investment-related matters such as consultations and workshops and link up the province with potential local and foreign investors.
“With this strengthened partnership, the province becomes more attractive to both foreign and local investors,” Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo said, adding Cavite has been “consistently” one of the most progressive provinces in the country as evidenced by more and more businesses locating in the province in addition to its upward ranking in the 2022 Cities and Municipalities Competitive Index.
Rodolfo also mentioned a major project that is set for implementation in the province soon.
“No wonder a major project in the province has already undergone a Swiss Challenge indicating it may be ready for implementation soon and the BOI is very supportive of such project that will benefit the province and in line with the national government’s singular focus in attracting more foreign direct investments,” the BOI managing head said, adding that this will pave the way towards addressing its space problems and open up all other prospective projects as areas of collaboration.
The investment promotion agency said it has already identified other pipeline projects in Cavite and these include a waste-to-energy project worth more than P1 billion; a P7 billion data center facility and a P1.5 billion public-private partnership project.
For his part, Cavite Governor Juanito Victor “Jonvic” Remulla pointed out that his province has a population of around 4.5 million and is one of the “densest” provinces in the country with a population growth rate of 3.7 percent, way above the national average of 2.4.
In relation to this, Remulla stressed the problems of the country need local solutions as “we have ample human capital and this is what drives Cavite forward.”
According to BOI, Cavite is just next door to Metro Manila and the country’s international gateways with 12 major entry and exit points.
“It is bordered by the provinces of Batangas, Laguna, Manila Bay, and the West Philippine Sea,” BOI said in a statement issued on Tuesday.
Further, the investment promotion agency said the province’s economy has “accelerated from a predominantly agriculture-based into a service-sector economy as of 2020 due to increase in wholesale and retail trade followed by transportation, storage and communication.”
BOI also noted that many micro, small and medium enterprises (MSMEs) have sprouted in the province due to “existing favorable market forces and business environment.”
To date, BOI noted, the province of Cavite remains an “attractive” destination for real-estate investors as the low land prices make it a “prime candidate” for residential investors of all types.
The investment promotion agency said Cavite also “benefits” from “strong” infrastructure development due to the presence of roadways like the Cavitex and South Luzon Expressway, among others.