BOI, IFC partner for policy dev’t to attract more FDIs

Louella Desiderio (The Philippine Star) – October 5, 2018 – 12:00am

MANILA, Philippines — The Board of Investments (BOI) has partnered with the International Finance Corp. (IFC) for the development of policy that would allow the country to attract more investments.

In a statement yesterday, the BOI said a memorandum of understanding (MOU) was signed by BOI managing head Ceferino Rodolfo and IFC country manager for the Philippines Jane Yuan Xu.

Under the MOU, the IFC would be providing technical assistance and advisory support to the Department of Trade and Industry – BOI  through a foreign direct investments (FDI)-centric industrial promotion by pushing and positioning the Philippines as a competitive location for next generation investments in the Southeast Asian region.

To increase FDIs among targeted sectors, the parties would develop and implement a highly proactive investment promotion campaign repositioning the advantages of the electronics, automotive (including electric vehicles) and aerospace sectors, as well as a branding campaign on how the Philippines is a competitive investment location.

To implement the project, the BOI and IFC will work with the Philippine Economic Zone Authority to pilot the local supplier development program and partner with industry associations such as the Semiconductor and Electronics Industries in the Philippines Foundation Inc., Electronic Industries Association of the Philippines Inc., Chamber of Automotive Manufacturers in the Philippines Inc., Electric Vehicles Association of the Philippines and the Aerospace Industry Association of the Philippines.

The partnership between the BOI and IFC is expected to allow the Philippines to be ready for the Fourth Industrial Revolution or Industry 4.0.

“Industry 4.0 is potentially disruptive and poses a challenging task on how to sustain not only the level of FDI inflows but also the growth of manufacturing and services in the economy. We have to be ready on how to offset these challenges and disruption with new strategies and interventions tailor-made for industries so that they will able to maintain their growth and competitiveness,” Rafaelita Aldaba, assistant secretary for industry development at the Department of Trade and Industry, said.

For his part, Xu said IFC is continuing to support the BOI in achieving a resurgence of Philippine industry and positioning the country as a competitive location for next generation investment in the Southeast Asian region.

“We hope to work closely with BOI in improving policies that will promote investments and increase Philippines’ domestic value-added through strengthened local supplier linages, as well as strengthening and upgrading investment promotion agencies’ workforce,” he said.

“Since the i3S (Inclusive Innovation Industrial Strategy) is designed to improve competition and innovation in the Philippine industry, the country will be able to capitalize on the opportunities due to rapid globalization and the dizzying development of automation, robotics and artificial intelligence,” Rodolfo said.