Introduction To The Philippine Board Of Investments (BOI)

Aware of the potential and benefits of foreign investments, the Philippine government created the Board of Investments (BOI), a division or attached agency of the Department of Trade and Industries (DTI) to develop and formulate projects and schemes that would further attract foreign investors. It is also its duty to promote the Philippines as a premier investment destination across Asia.

Through the years, foreign investments have played significant roles in increasing one’s income and revenue. Considered as powerful economic machineries, foreign investments influence or control capital flows. Aside from that, it offers other benefits that cannot be measured by mere financial gains.

In as far as the BOI is concerned, these indirect benefits or advantages are also given much focus and attention.

Benefits of foreign investments

Among various economic literature, host countries will derive the following benefits from foreign investment.

First is the ability to maximize domestic capital. Enough resources and funding are available for local projects and development.

Second is technological diffusion. Along with the entry of foreign investors is the introduction of the sophisticated technological platforms and applications.

Employment increase is likewise perceived as one of the most instrumental benefits of foreign investment. The growth of multinational companies generates new jobs or employment opportunities.

Lastly, foreign investors contribute to cultural sharing and changes.

BOI services

As part of its efforts to gain the trust and confidence of many foreign investors, the BOI created the Special Investor’s Resident Visa (SIRV). This visa enables its holders to reside in the Philippines to effectively manage their enterprises in the Philippines. This is of course, more convenient and more practical instead of going in and out of the Philippines.

The BOI is also provides up to date information to potential investors. Much of these data show the viability of the Philippine market for global businesses. The agency likewise, renders statistical analyses of industries that foreign businessmen can take full advantage.

With its wide scope and coverage, the BOI is highly instrumental in creating economic ties or connections between local and foreign entrepreneurs. It provides avenues where both domestic and alien entrepreneurs can converge and synergize.

Other than that, the said governmental agency also conducts trainings and seminars. Activities of such nature are aimed to increase the degree of familiarity of the Philippine market and to heighten the awareness level about industry trends and movements.

The BOI also created a website for easier access to information and application forms.

Summary

Indeed, way beyond overseeing the activities of foreign investors, the agency creates opportunities for progress and growth, not only to the Philippine economy, but also expansion possibilities to alien entrepreneurs.