In today’s interconnected global economy, investments are the lifeblood of a nation’s progress. They fuel economic growth, create jobs, and drive technological advancements. A country’s ability to attract and nurture investments is a crucial indicator of its financial health and potential to thrive in the competitive global market.
One such government agency that makes this possible is the Board of Investments (BOI), which plays a pivotal role in attracting and facilitating investments in the Philippines. As a strategic partner, the BOI provides a supportive environment that encourages local and foreign investors to contribute to the country’s economic landscape. By offering incentives, guidance, and advocacy, the BOI helps create a conducive climate for businesses to thrive, instilling confidence in its capabilities.
On September 25, the BOI will be marking its 57th founding anniversary with pride and achievement. Investment approvals for the first nine months of 2024 have soared to a record-breaking P1.35 trillion, a remarkable 82 percent increase compared to the same period last year. This significant increase is a testament to the country’s promising economic growth and potential.
Renewable energy projects have been the driving force behind this surge, accounting for a substantial P1.29 trillion of the total approved investments. This not only signifies a shift towards sustainable practices, but also a significant contribution to our economic growth. The focus on renewable energy projects instills hope for a sustainable and prosperous future.
The Calabarzon, Central Luzon, and Western Visayas regions have emerged as the top investment destinations, attracting a combined P1.1 billion investment. Bicol and Ilocos Region also secured significant investments, rounding out the top five.
Foreign investments have played a crucial role in driving this growth, contributing P341.78 billion to the total approvals. Switzerland, the Netherlands, Singapore, the United States, and Taiwan have actively invested in the Philippines.
Another more timely initiative from the agency is adapting and promoting sustainability throughout their partnerships and projects. For instance, the BOI recently inked a Memorandum of Understanding with the University of the Philippines-Manila (UP-M) and the University of the Philippines Los Baños (UPLB) to collaborate on investment promotion activities for locally developed biofertilizers and herbal medicine technologies.
Besides spearheading various efforts, the BOI is also discerning in recognizing other institutions’ initiatives for a more rapid implementation through the Green Lane endorsement, a government order meant to expedite, streamline, and automate government approval and registration process of priority investments and strategic investments.
Through the Green Lanes program, the BOI can endorse various initiatives for investments, allowing their respective industries to flourish and thrive from the support.
Moving toward self-sufficiency
Since its establishment in 1967, the BOI has been a cornerstone of the Philippines’ economic development. Through its various mandates and legal bases, the BOI has played a pivotal role in attracting investments, promoting industrial growth, and improving the country’s image as a viable investment destination.
The BOI’s history is deeply intertwined with the Philippines’ journey towards economic self-sufficiency. The Investments Incentives Act of 1967 provided the legal framework for the agency, outlining the areas where investments were encouraged and the incentives available to investors. The subsequent Foreign Business Regulation Act of 1968 granted the BOI authority to implement provisions related to foreign investments, further bolstering the country’s attractiveness to international investors.
In 1979, Batas Pambansa Blg. 44 was enacted to accelerate industrial and agricultural development in less-developed areas. This law provided additional incentives to investors who established projects in these regions, contributing to a more balanced and equitable distribution of economic growth.
The Omnibus Investments Code of 1987 marked a significant milestone in the BOI’s history. This comprehensive legislation consolidated existing laws and decrees related to investments, streamlining procedures and harmonizing incentives. The Code provided a clearer and more efficient framework for investors, making it easier for them to navigate the investment landscape in the Philippines.
Throughout its existence, the BOI has consistently adhered to its mandate of promoting and generating investments. By pursuing a planned, economically feasible, and practicable dispersal of globally competitive industries, the BOI has contributed to the country’s industrialization and economic growth. The agency has played a crucial role in attracting foreign direct investments, which have brought capital, technology, and expertise to the Philippines.
Adhering to its standards
The BOI plays a crucial role in the Philippines’ economic landscape, catalyzing growth and development. Guided by its mission, vision, quality policy, and core values, the BOI strives to create a conducive environment for local and foreign investments, foster the development of globally competitive industries, and generate employment opportunities.
Firstly, its mission is to develop globally competitive industries and generate investments, increasing employment through the responsible use of the country’s resources. The agency has consistently demonstrated its commitment to this goal by providing essential support and incentives to businesses, facilitating their growth and expansion. By fostering a favorable investment climate, the BOI has attracted numerous local and foreign investors, contributing to the country’s economic development.
Meanwhile, the BOI envisions becoming a global industry promotion agency, accelerating investments, industry growth, and sustainable jobs by taking significant strides towards achieving this vision. The agency’s efforts to attract investments, promote industry development, and create employment opportunities have positioned the Philippines as a competitive investment destination.
The agency’s quality policy reflects its commitment to excellence in service delivery. By complying with applicable legal, statutory, and regulatory requirements, the BOI ensures it conducts its operations with integrity and professionalism. The agency’s passion for continuous improvement drives its pursuit of enhanced customer satisfaction, ensuring that investors receive the highest support and assistance.
Yet, most significantly, the BOI’s core values of excellence, integrity, passion for knowledge, and teamwork are fundamental to its success. These values guide the agency’s actions and decision-making, ensuring it implements its operations professionally and ethically. The BOI’s commitment to excellence drives its pursuit of innovative solutions and best practices, while its passion for knowledge fosters a culture of learning and development.
As the BOI looks ahead, it remains focused on its mission to promote industrial development and generate employment opportunities by adapting to the evolving global economic landscape, therefore positioning the Philippines as a leading investment destination.
