The Philippine Board of Investments (BOI), the country’s primary industry development and investments promotion agency, has started conducting its series of compliance information drive for BOI-registered enterprises with the aim to keep them well-informed and regularly updated on the agency’s latest policies, guidelines, and obligations including submission of reportorial requirements relative to their registration with the BOI.
“We consider BOI registered firms as our valued partners in pushing forward the country’s economic growth. While the agency secured record-breaking levels in the amount of investment approvals for the past two years, more importantly, we highlight the impact of these BOI-registered investment projects which has dispersed economic activities in regions outside Metro Manila and expanded and deepened capabilities in various industries including critical high-technology components for manufacturing,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.
“Compliance information drives such as this are very important so we increase compliance rate of BOI registered firms which then will translate investment commitments into realized investments which are mostly labor intensive and socially-relevant, creating the much-needed jobs and improving the lives of the Filipino people,” said Undersecretary Rodolfo.
“With these series of learning sessions, we aim to raise awareness and instill diligence upon the BOI registered firms to comply with the terms and conditions of their projects, including submission of reportorial requirements,” Atty. Elyjean Porteza, Office-in-Charge Director of BOI’s Legal and Compliance Service said. She added that the data derived from these submissions are utilized in the policy making process of the government relating to investments and incentives, thus the compliance of BOI-registered enterprises is crucial to allow smooth facilitation of project registrations, incentives evaluation, and processes involving other government agencies.
“The agency considers information drives as significantly helpful in ensuring that their registration with the BOI are of good standing,” Atty. Porteza said.
As of end December 2018, there are about 15,000 projects registered with the BOI.
During the first quarter of the year, three (3) batches of Information Drives were conducted by the LCS in Makati, Cebu, and Davao. More than 350 representatives from BOI-registered firms were reached through the said learning sessions.
The seminar tackled various topics such as the registered BOI enterprises’ (RBEs) compliance with the terms and conditions of its BOI registrations, guidelines on the submission of reportorial requirements, and updates with regard to liberalized board policies. The event likewise served as an avenue for RBEs to raise clarifications on the issues and concerns relating to their BOI registrations.
“We appreciate that the BOI is regularly conducting events like this not only in Metro Manila, but as well as in the regions, to keep us informed on how we can ensure that our BOI registrations are in good standing,” one of the participants said.
The succeeding batches of information drives will be held on April 25 and June 28 in Makati City.