The Board of Investments (BOI) said Wednesday it convened the first meeting of the Investment Promotion Unit Network (IPU-Net) on June 27, 2024 in Quezon City to improve the ease of doing business for investors in the Philippines.
BOI executive director Bobby Fondevilla stressed the importance of ongoing collaboration among member agencies.
“The BOI, as the secretariat of IPU-Net, convened the 36-member agency semi-annually to tackle recurring issues and address the complex challenges within the business environment. This continuous dialogue is essential for fostering a more conducive and streamlined investment climate in the Philippines,” Fondevilla said.
The meeting addressed recurring issues faced by local and foreign investors, including business registration, tax concerns, import procedures and investment framework consistency.
Representatives from various IPU-Net member agencies participated in discussions to encourage a more conducive investment climate.
The BOI Investments Assistance Service (IAS) facilitated discussions involving registration of businesses, VAT refunds, customs procedures, permits and licenses, land conversion, tree-cutting permits, securing local government endorsements, infrastructure projects and energy transmission. Othel V. Campos
Some of the investor-related proposals included digitalizing government operations, streamlining business registration and land conversion and facilitating local government endorsements.
IPU-Net members committed to ensuring the efficient resolution of investor issues, including continued updates, coordination with relevant government bodies, and initiatives like the Ease of Paying Taxes Act, integration into the e-Gov super application, and Green Lane units for specific projects.
The meeting also discussed institutionalizing the IPU-Net through a joint memorandum circular, renaming it the Investment Facilitation Unit Network.