Under the Simplified Registration Procedure, the BOI was able to evaluate and register 30 projects worth P12.04 billion from Oct. 7 to Nov. 7.
The new system allows flexibility for a fast, efficient and business-friendly solution sought by local and foreign investors, particularly small and medium enterprises.
With a one-day project evaluation process, Trade and Industry Officer-in-charge and BOI Managing Head Elmer C. Hernandez said that BOI was able to approve and register project applications involving straight forward investment activities that conform with the Board’s existing policies, rules and guidelines within three working days.
However, 10 working days are needed for projects which require the exercise of discretion on specific issues by the BOI Board.
According to Hernandez, the one day approvals are a marked improvement from the previous process where the evaluation and approval of applications take 20 working days.
The issuance of Certificate of Registration eats up an additional 30 to 90 days depending on how soon the pre-registration legal documents are submitted by applicant firms.
In 2002, the Board had already slashed project evaluation time by 50 percent to 10 working days.
The Information and Communications Technology (ICT-enabled) Services Sector registered the most number of projects with nine.
The BOI also registered seven projects from the agri-business sector, five mass housing projects under the Infrastructure sector and three projects under the mining sector.
Other projects registered with the BOI during the period came from shipbuilding, pharmaceuticals and chemicals sector.
This BOI measure, under pilot test until December this year, was in response to the challenge given by President Arroyo to government agencies to cut down cost of doing business in the Philippines.
The speedy registration process was one of the things President Arroyo committed to US businessmen during her visit to the United States last September 14 to 16 .
Meanwhile, more than 5,000 workers are expected to be employed by the newly registered projects, the ripple effect of which is expected to provide the much needed push for the economy.