The Board of Investments (BOI) said it recently conducted a capacity building training (CBT) in Rizal Province to empower local stakeholders to promote their province and attract more foreign investments.
According to BOI, the Rizal Province is poised to become the next “sought-after” foreign investment hub in Southern Tagalog, fueled by the region’s “rapid” industrial growth.
With Cavite, Laguna and Batangas approaching full capacity, the attached agency of the Department of Trade and Industry (DTI) said it is proactively preparing Rizal Province to accommodate investments and cater to the relocation needs of foreign investors.
This capacity building training, BOI said, is part of the agency’s ongoing commitment to enable local government units (LGUs) in making their areas investment-ready for foreign direct investments (FDI).
The two-day training program, which was held in Antipolo city, drew over 70 DTI business counselors and planning and investment promotion officers from various LGUs, BOI reported.
According to the BOI, the training is aimed at providing participants with a “deep understanding” of the significance of FDIs in the local economy and equip them with the necessary tools and strategies to attract foreign investments to their location.
Moreover, BOI said the participants from the 14 municipalities in Rizal engaged in a workshop where they prepared provincial/municipal investment and location profiles, highlighting their competitive advantages and enticing more foreign businesses to invest in the province.
The recently concluded CBT is a follow-through activity of BOI’s Strategic Investment Promotion Plan (SIPP) Roadshow last November 2022 at the First Pacific Leadership Academy, Antipolo City.
The agency then conducted the roadshow to drum up awareness on how to take advantage of SIPP opportunities and be able to maximize the investment package that it offers.
The BOI previously held SIPP roadshows in other parts of the country, including Cebu, Davao and Pampanga.
For one, last October 2022, in a bid to grow investments in the country’s cold chain industry, the BOI announced it would be holding a series of Supra-Regional Cold Chain Industry Roadshows in three major regions.
The SIPP, a plan prepared by the BOI in coordination and consultation with the investment promotion agencies (IPAs), the Fiscal Incentives Review Board (FIRB), other government agencies administering tax incentives, and the private sector, lists the priority industries, sectors, and business projects that may qualify for investment incentives under Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
“The SIPP also includes the scope and coverage of location and industry tiers, recommendations for non-fiscal support and other information, analyses, data, guidelines, or criteria as the government may deem appropriate to attract quality investments and generate jobs for Filipinos,” the BOI said in an earlier statement.
According to BOI, apart from providing information about the priority sectors/industries and investment opportunities under SIPP, the roadshow is also BOI’s in-person public platform to guide investors on how to apply investment projects with the BOI to avail themselves of incentives and likewise provide consultation/advisory services for those who want to understand and access other services of the BOI.
Image credits: Liskonogaleksey | Dreamstime.com
