MANILA, Philippines - The Board of Investments (BOI) has signed an agreement with the Food and Drug Administration (FDA) to hasten the issuance of permits and licenses of BOI-registered firms and applicants as part of efforts to improve the business environment.
BOI executive director Raul Angeles said during the signing ceremony yesterday the agency entered into a memorandum of agreement (MOA) with the FDA to improve the business environment and encourage firms to retain and even make additional investments here.
Under the MOA, the two agencies would work to facilitate and simplify the process for the issuance of permits and licenses of BOI-registered firms and applicants from the FDA.
Both agencies would draft rules, guidelines and standards affecting investors.
The FDA would provide the BOI copies of rules and regulations as well as a checklist for applications for any permit, clearance or certificate pertaining to safety or quality of products including food, drugs, cosmetics, medical devices, vaccines, in-vitro diagnostic reagents, radiation-emitting devices or equipment, pesticides and toys.
The MOA also allows authorized BOI representatives or personnel to assist in the submission as well as follow-up on the applications for permit, clearance or other certification from the FDA.
FDA director general Kenneth Hartigan-Go said in the same event the MOA would make it easier for firms to do business in the country.
“We are looking into trade facilitation and ease of doing business,” he said.
Apart from the FDA, Angeles said the BOI intends to enter into agreements with other agencies to facilitate release of business permits and licenses for its registered firms and applicants.
The BOI is negotiating agreements with agencies such as the Securities and Exchange Commission, Housing and Land Use Regulatory Board, Bureau of Customs and Department of Agriculture.
The BOI had earlier signed a MOA with the Department of Environment and Natural Resources - Environmental Management Bureau.
In addition to the cooperation with other agencies, the BOI is also setting up the One Window Network which would enable investors to post queries and file complaints online.