The Board of Investments (BOI) has issued a statement clarifying its process for issuing Special Investor Resident Visas (SIRV) following inquiries from Senator Risa Hontiveros’ office.
The BOI emphasized its confidence in its existing system, highlighting that SIRV applications undergo a rigorous evaluation process with strict eligibility requirements.
“We’re confident with our system at the BOI. And it’s not as if we’re endorsing massive applications for SIRV. And we have stricter requirements for endorsement,” said BOI managing head Ceferino Rodolfo.
In the case in question, the visa was issued in 1999 to Lin Wenyi based on a legitimate investment in Triumph Embroidery Center, Inc., located in Valenzuela.
Lin’s dependent, Guo Hua Ping, was included in the application, and all the necessary documentation was provided and thoroughly reviewed by the BOl. The final visa approval was granted by the Bureau of Immigration (BI) after BOI’s endorsement.
“I want to clarify that the name Alice Guo does not appear in any BOl documents related to this visa process. There is no record indicating any involvement or application under the name Alice Guo in the context of the BOl’s visa endorsements,” Rodolfo said.
BOI visas, like the SIRV, allow qualified foreign investors to reside in the Philippines indefinitely while maintaining active investments.
The BOI recognizes that these visas can be instrumental in attracting foreign capital and expertise, contributing to the country’s economic growth. However, concerns have been raised about potential vulnerabilities in the system, prompting the BOI to reaffirm its commitment to program integrity.
The SIRV program requires a minimum investment of $75,000 in the Philippines. This investment can be in various forms, including stocks, businesses, or real estate. To ensure the legitimacy and economic benefit of these investments, the BOI works closely with the National Intelligence Coordinating Agency (NICA).
The collaboration strengthens the screening process and helps identify potential risks.
Once an application passes the BOI’s evaluation, it is then forwarded to the BI for final approval.
The BI conducts its own assessments to ensure compliance with immigration laws and national security considerations. This multi-layered approach aims to ensure that only qualified and legitimate investors benefit from the SIRV program.
The BOI highlighted its commitment to transparency and accountability. The agency requires SIRV holders to submit annual reports documenting the status of their investments.
The Department of Justice has recently formed a technical working group (TWG) to investigate whether a review of the special visa process is necessary given the recent developments.
