The Board of Investments (BOI) announced on Monday it has recently inked an agreement with the Province of Samar to enhance coordination for investment facilitation, investor services, and promotion.
Under the memorandum of agreement (MOA), the investment promotion agency said the Province of Samar will provide BOI with updated rules, regulations, guidelines and policies for obtaining business permits, investment-related information such as priority areas, investment projects, and other opportunities.
Moreover, the province will create a green lane for BOI-registered entities.
BOI said it would provide technical assistance to Samar through consultations, workshops, seminars, or capacity development, if needed.
According to the investment promotion agency, it will also promote the province as an ideal investment destination by providing “prospective” investors on priority areas and incentive pursuant to the Local Investments and Incentives Code.
Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo deemed the partnership as “more than fulfilling,” saying new businesses are “not only confined to metropolitan cities, but are distributed nationwide.”
Rodolfo also noted that in order for a specific location to be “investor appealing,” it must have an established infrastructure such as airport, seaport, and highways, among others, sufficient and low-cost power, access to manpower resources and stable telecommunications providers.
Further, BOI said Rodolfo expressed optimism of what Samar has to offer, noting that the province is the Philippines’s third largest and seventh most populous island, which also boasts of its “intact” natural resources, including agriculture, fishery, and forestry.
The investment promotion agency noted that Rodolfo suggested that the province explore iron and steel business, as well as power for sustainability, particularly renewable energy facilities, which he believes will be “truly beneficial” to the province.
For the Province of Samar, Governor Sharee Ann T. Tan expressed her gratitude to the BOI. According to the agency, Tan identified the needs of prospective investors eyeing Samar.
In fact, BOI Governor Katrina Therese Lim-Dy recognized the governor’s “innovative” urban development plans for the province.
Tan also assured possible investors in Samar that they would be safe and welcomed as the province is working to overcome its challenges, BOI noted.
Meanwhile Rodolfo said the investment promotion agency will arrange a meeting with “at least 10” conglomerates from various sectors to engage in dialogue with the Province of Samar for possible collaboration projects, as a first step towards implementing the MOA.
According to BOI, the MOA signing was attended by officials from the BOI, headed by Rodolfo, Lim-Dy, along with Investments Assistance Center Executive Director Bobby G. Fondevilla and the rest of the BOI Management Committee.
Meanwhile, the Samar delegates were led by Tan, with Provincial Investment and Trade Promotions Officer Brett Delos Santos, Public Employment Services Officer John Michael Cristobal, and Chiefs-of-Staff from Samar Representatives Stephen James Tan and Reynolds Michael Tan.