28 agencies ink MOA for investors

GOVERNMENT took another step in enhancing the country’s competitiveness as an investment destination when it signed a memorandum of agreement Wednesday with 28 agencies toward enhancing their system of linkages and networking for the speedy handling of investor-related concerns. Trade Secretary Peter Favila said this is another initiative recommended by the semipublic National Competitiveness Council to increase the country’s investments rate to 30 percent of GDP from the current 15 percent. Under the agreement, the 28 agencies will be clustered into a broad investment promotion unit, with the Board of Investments acting as coordinator. The Board will monitor and document investment-related issues and concerns referred to the promotion unit to ensure prompt and accurate response, and then update the investors on the status of the referrals made. The 28 agencies include among others the Departments of Trade and Industry and of Finance, Bangko Sentral ng Pilipinas, Customs, Internal Revenue, Department of Agriculture, of Energy, and of Foreign Affairs, Immigration, Department of Labor and Employment and of Tourism, Land Use Regulatory Board, Manila International Airport Authority and Securities and Exchange Commission. The IPUs are mandated to act on investment issues and concerns within 72 hours. Public officials and employees are to act on letters and requests not later than the 15 working days prescribed under RA 6713 or the Code of Conduct and Ethical Standards for Public Officials and Employees.  These units are mandated to expedite the approval of permits, licenses and other documents needed by businessmen in putting up investment projects. The CSC will periodically assess the performance of Investment Promotion Units (IPUs) and recommend possible developmental interventions to improve work efficiency. Favila said the agreement aims to improve the delivery of government services to investors. “By this agreement, we are making sure that government is clearing barriers in the economic growth of the country. Businessmen will find it easier to locate their operations in the country.” --M. V. de Leon

 

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