BOI, DA Ink Deal to Improve Investment Process in Agri Sector

The Board of Investments (BOI) and the Department of Agriculture forged an agreement for joint facilitation of business permits, licenses, and endorsements of investors applying for registration at the investment promotion agency (IPA).

The Memorandum of Agreement (MOA) between BOI and DA aims to improve investment climate in the country particularly encouraging more investments in agriculture sector by simplifying business processes.

Under the MOA signed by Trade Secretary Adrian S. Cristobal Jr. and DA Secretary Proceso J. Alcala, BOI is now authorized to assist, submit, and follow up clients’ application for endorsements, certifications, and/or permits with the DA up to the extent permissible by law.

BOI will also assist DA in information dissemination on rules, guidelines, and standards on matters covering public investments, agricultural development and support services for domestic and export-oriented business enterprises and other related matters.

On the other hand, DA shall provide copies of rules, guidelines, and standards on matters covering public investments, agriculture development and support services for domestic and export-oriented business enterprises as well as checklist of all requirements on application for accreditation, endorsements, certifications, and permits issued by the concerned bureaus and offices under the agency.

The two agencies also agreed for close cooperation and coordination on drafting policies relating to BOI’s Investment Priorities Plan (IPP).

“To benefit fully from the ASEAN Economic Community (AEC) and global market access, it is important that we offer a conducive environment to investors, a place where they could quickly set up their business. An important first step is to make it easy for them to comply with government requirements,” DTI Undersecretary Ceferino S. Rodolfo said.

“Clearly, the sustained economic growth of the country benefitted from policy reforms and increased collaboration to improve the ease of doing business in the country. The country’s current investment climate should benefit not only firms – whether foreign and domestic, large or small – but society at large,” added Rodolfo, who is also the BOI Managing Head.

Agribusiness and fishery is one of the preferred activities of investments in the IPP 2014-2016 of the BOI.

Activities under this sector which the government can provide tax incentives include commercial production and processing, production of animal and aqua feeds, production of fertilizers and pesticides, modernization of sugar mills, mechanized agricultural support services, and agriculture support infrastructure.

The BOI, however, noted specific limitation for the aforementioned activities in agriculture sector. (PNA) BNB/KMC