The Board of Investments (BOI) and the Bulacan provincial government signed a memorandum of agreement (MOA) to enhance cooperation in promoting and facilitating investments in the province.
The agreement marked the 35th partnership between BOI and a local government unit (LGU) and signified an important milestone for Bulacan as the first province in Central Luzon to have an official partnership with BOI.
Bulacan Governor Daniel Fernando and Trade Undersecretary and BOI managing head Ceferino Rodolfo signed the agreement during the launch of Invest Bulacan Plus on April 5, 2024.
Invest Bulacan Plus aims to promote, leverage, upscale and synergize development and investment promotion efforts for Bulacan’s sustainable and inclusive growth.
Rodolfo acknowledged Bulacan’s geographical advantages and emphasized the potential for its independent development.
“Seeing the development in this province, I think we could really work at developing Bulacan for Bulacan not just because it is near Metro Manila, not just because it is the gateway from Metro Manila to Central Luzon and vice versa—but because of its impressive economic development,” Rodolfo said.
The MOA aims to strengthen the partnership between the two parties in promoting Bulacan as an investment destination. It also streamlines processes and provides support to investors through the establishment of a One-Stop Action Center for Strategic Investments (OSAC-SI) in the province.
Under the agreement, the Bulacan province will provide the BOI with updated information on investment opportunities, government support and local incentives.
It will also allow BOI representatives to assist enterprises in the submission and follow-up of applications for business permits and licenses.
Meanwhile, the BOI will conduct investment seminars and provide technical assistance to the Bulacan provincial government in crafting or amending its Local Investments and Incentives Code (LIIC).
It will also assist in promoting Bulacan as an investment destination by providing potential investors with relevant information on priority areas and available incentives in Bulacan.
Both parties expressed their commitment to working together to promote ease of doing business in Bulacan and attract more investments to the province.
The MOA is expected to further enhance the province’s economic growth and development.
Fernando shared his vision of leveraging Bulacan as a financial and economic powerhouse on the road to becoming a first-world country of the Philippines by 2040.
He also emphasized the importance of government guidance in the sustainability of investments.
“With the help of the national government, the cooperation of the local government, it will become better and easier for everyone. That is why what we accomplished today is a great feat. We are grateful to BOI,” he said.