BOI confident Phl will get investment grade next year

CEBU, Philippines - With the approved 2012 Investment Priorities Plan (IPP), the Board of Investments (BOI) remained bullish that the Philippines will receive an improved investment grade in the first half of next year. 

BOI Governor Geronimo Sta. Ana said during the BOI Investment Roadshow yesterday that the agency is looking forward to the investment grade promotion of the country that is currently one notch below.

Once accredited, he added that more investments particularly foreign, more dollars and more economic activities will come in. 

He also said that the credit rating upgrade will result to easier borrowing of funds at lower costs for the government and the private sector. 

He further cited that the public-private partnership projects of which the Bus Rapid Transit (BRT) of Cebu is also included would be aggressively implemented and accomplished next year.   

Airports in the Visayas will also be completely redeveloped in three years’ time, he said.

“We look forward to 2013 and the years to come for a better and more vibrant Philippine economy,” Sta. Ana stated. 

To further strengthen last year’s investment agenda, the 2012 IPP has been crafted to address current economic challenges and establish efficient and sustainable gains for the country. 

With the theme “A New Day for Investments: ‘Coherent, Consistent and Creative’”, the plan aims to focus on job generation, international competitiveness, enhanced delivery of social services and climate change mitigation.

According to BOI Director Bobby Fondevilla, the 2012 IPP plan is classified into four major categories namely preferred activities, mandatory list, export activities and ARMM (Autonomous Region in Muslim Mindanao) list.

Preferred activities include agriculture, agribusiness and fishery, creative industries and knowledge-based services, energy, infrastructure, research and development, green projects, motor vehicles, strategic projects, hospital and medical services, disaster prevention, mitigation and recovery projects. 

It also involves shipbuilding in support to the shipping industry of the country to be globally competitive, iron and steel as another priority area with the growing economy and mass housing as a new inclusion in the list to address the need for low-cost mass housing and manufacturing of modular housing components using indigenous materials. 

The mandatory list, on the other hand, covers activities that are required to be included to the IPP as provided for under existing laws. 

These activities are industrial tree plantation; exploration, mining, quarrying and processing of minerals; publication or printing of books and textbooks; refining, storage, marketing and distribution of petroleum products only for new industry players; ecological solid waste management; clean water projects; rehabilitation, self-development and self-reliance of persons with disability; renewable energy; and tourism. 

Export activities enlist the manufacture of products, services exports and activities in support of the exporters.

Meanwhile, the ARMM list encompasses priority activities on export, agriculture, agribusiness, aquaculture, fishing, basic industries, consumer manufacturers, infrastructure and services, industrial service facilities, engineering industries, logistics, BIMP-EAGA trade and investment enterprises, tourism, health and education services and facilities and the halal industry. 

Coming up with an annual investment plan, Executive Order 226 that is also known as the Omnibus Investments Code of 1987 declares that the government is committed to encourage investments in desirable cases and grant incentives to companies that register to BOI for contributing to the national economic development.  (FREEMAN)