BOI entices foreign investors through FIA amendments
The Board of Investments (BOI) is currently promoting the amended Foreign Investment Act (FIA) in the Philippines to attract more foreign investors in the country.
Signed by former president Rodrigo Duterte last March 2, 2022, the amended law allows foreign investors to set up and fully own domestic enterprises in the Philippines.
“The law will also enable the establishment of the Inter-Agency Investment Promotion Coordination Committee (IIPCC), which integrates all the investment promotion activities of various Philippine government bodies with the BoI being assigned as the Secretariat,” the BOI added.
However, businesses must use advanced technology, must be endorsed as a start-up, and employ Filipinos as a majority of their direct employees.
The IIPCC will be tasked to integrate promotion activities to woo more foreign investors, and per the agency, it aims to achieve a world-class brand image for the country through image building, investment generation, and investment servicing.
This will remove competition for investments among the investment promotion agencies, resulting in the best possible location choices for investments.
“The renewed law also cuts the list of investment areas exclusively reserved for Filipinos, namely for defense-related businesses and small and micro domestic market enterprises with paid-up equity capital of below $200,000, which are subject to certain exceptions,” the bureau further expounded.
