Quezon City News
BOI capacitates QC investment officers
The Board of Investments (BOI), the country’s lead industry and investments promotion agency, in its relentless efforts to achieve more collaborative relationships with the Local Government Units (LGUs), conducted Investments Promotion and Facilitation seminar for Quezon City’s Local Economic Investment Promotions Office recently (April 22, 2022).
Tagged as one of the country’s richest LGUs in 2021, Quezon City is a key partner in achieving a seamless linkage between the BOI and its partner institutions in promoting the Philippines as the top investment destination.
Around 25 participants, mostly from the city’s Local Economic Investment Promotions Office (QC LEIPO) participated in the seminar. Among the speakers and facilitators were Director Ernesto Reyes, and QC-LEIPO Pierangelo Dominguez with assistance from the technical and legal staff of the BOI.
During the seminar, the BOI, through its Investment Assistance Service (IAS), emphasized the strategic roles that the LGUs play in investment promotion in the country. The BOI recognizes the LGUs as the first contact of investors down the ground and the establishment of Local Economic Development and Investment Promotions Office (LEDIPOs) on the city and municipal levels will result in a more favorable business environment to attract more investments.
The seminar also highlighted the economic reforms in Philippine investments policies including the amended Retail Trade Liberalization Act, Foreign Investments Act, Public Service Act, and the Corporate Recovery and Tax Incentives for Enterprises Act. These reforms rationalized the tax incentives and relaxed the foreign equity restrictions, allowing 100 percent foreign ownership in public services. Also discussed was the role of the LGUs in Investment Promotion and the Best Practices in Investments Promotion and Facilitation.
Quezon City’s economy has identified impressive growth in manufacturing, agriculture, construction, and service industries amidst the pandemic. Gearing to become the next Hyperscaler Hub in the country, QC encourages data centers and business process outsourcing (BPO) to set up their business within the city. With an optimistic view for the next five years, the city’s economic team will promote sustainable development, making the city a Green City.
BOI Director Ernie Delos Reyes meanwhile emphasized that higher economic performance is associated with greater implementation of industry sector database with critical information easily available to all stakeholders and initiated a Retention Expansion Diversification (RED) Program conducting strategic aftercare strategy for its existing investors, a game-changer in investments facilitation. To achieve this, LGU-Quezon City must have a well-developed investment profile containing the industry markets, available business location, and cost of doing business accessible to BOI and the stakeholders.
BOI Acting Chief Lubin De Vera reiterated one of the key pillars for a business-friendly LGU – the institution of good governance reforms to promote trade and investments, employment, transparency, accountability, and efficiency in delivering business services to fuel up local inclusive growth.
Mr. Pierangelo Dominguez on the other hand stressed that Quezon City is already adopting a comprehensive approach that enables them to attract investments in new technologies and high-value products.
The newly crafted QC Economic Development and Investment Plan (EDIP) for 2022-2025 will result in uninterrupted growth in revenues, investment opportunities, competitiveness against its neighboring cities, and faster processing of business-related transactions.
With a driving question “Why invest in Quezon City?”, BOI Chief Ed Nunag capped off the seminar by claiming Quezon City will become the hotbed of investments. More investments mean more job opportunities and more income for the government and Filipino workers.
The seminar comes on the heels of the recent (March 07, 2022) Memorandum of Understanding (MOU) between the BOI and the Quezon City local government which strengthens the coordination between BOI’s IAS and QC LEIPO to step up the city’s investments promotion and facilitation initiatives thereby furthering the ease of doing business and attracting more investments in the city.
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