Purisima to BOI: Step up drive to attract foreign investors

Trade and Industry Secretary Cesar V. Purisima has ordered the Board of Investments (BOI) to step up its investments promotion drive to increase the awareness of foreign investors of the many business opportunities where firms can venture into.

These areas include mass housing projects (including the development and fabrication of housing components, retirement villages) and research and development of drugs and medicines.

For his part, Trade Undersecretary and BOI managing head Elmer C. Hernandez said that the country’s investment promotion agencies led by the BOI would go on road show presentations in the next couple of months to lure more foreign capital into the country.

"We are mindful of the many gains that the country will receive from the entry of more companies and the technology that they will bring," Hernandez said.

He also assured that the investment promotion agencies will be more aggressive in marketing the country as a preferred offshore manufacturing site.

The BOI, Hernandez said, is now preparing the 2005 Investment Priorities Plan (IPP).

Additionally, he said the BOI would stage a mining conference in February to lure more mining ventures into the country.

"We will be inviting the big names in the international mining business and showcase the country’s resources for joint utilization," he said.

The government has recently released the Sixth Regular Investment Negative List which consists of business activities reserved to Philippine nationals and where a percentage of foreign equity participation is allowed as prescribed by the Constitution and other specific Philippine laws.

The new list retains the previous list with minor additions on the "no equity rule" which only gave more definition on the utilization of marine resources in archipelagic waters.