Makati taps BOI for investment strategy

MANILA, Philippines - The City of Makati is feeling threatened as investors are starting to go to nearby areas like Taguig, a ranking government official said.

Thus, Makati City officials met recently with the Board of Investments (BOI) in order to devise a new strategy in drawing more investments into the country’s financial capital.

“We are teaching them investment promotions. We want them to build their capacity,” a BOI official who requested not to be named said.

According to the official, Makati would like to keep its title as the prime central business district and sustain its revenue stream as it is slowly feeling growing competition from other nearby cities.

The BOI has advised Makati to be more proactive in attracting investors and businesses. Rent in Makati office spaces are said to be more expensive than their surrounding areas. Likewise, the BOI has recommended the streamlining of permits and other documents needed in order to set up a business.

Aside from being a good investment site, the official said Makati could promote itself as a tourism destination by capitalizing on the shopping centers and museums in the city.

Earlier, the BOI investments in the country for the entire year will reach P300 billion, exceeding the P287-billion target it has set.

For the first 10 months of the year, investments recorded by the agency already stood at P237 billion. “We are projecting that we will overshoot our fighting target based on the checklist,” BOI Executive Director Lucita P. Reyes said in a press conference.

The revised yearend target was P287.27 billion, the investments level recorded in 2008. “We will not only match the 2008 level but we will surpass it,” Reyes said.

She noted that most of the investments came after the country was able to hold a peaceful and credible election las May. In fact, June investments was the highest for the first semester with P126 billion, from just P549 million in June 2009.