The Board of Investments (BOI) and the Laguna province have recently forged a memorandum of agreement (MOA) on investments promotion and facilitation.
As part of Laguna’s 450th Founding Anniversary celebration with the theme “Pagbangon mula sa Pandemya”, a ceremonial signing of the said MOA was held at the Sunstar Mall, Sta. Cruz Laguna last 27 July 2021.
The BOI through its Investments Assistance Service (IAS), has expanded this year its network and added three new partners in promoting ease of doing business and efficient government service delivery namely the province of Sorsogon, the City of San Fernando, Pampanga, and the City of Tagbilaran, Bohol. For the second half of the year, it has expanded its business network by institutionalizing its partnership with Laguna.
The signing of the MOA was led by Atty. Bobby G. Fondevilla, Executive Director and representative of the BOI, Department of Trade and Industry (DTI) Laguna regional office, Local Economic Development and Investment Promotion Officers (LEDIPOs) of the cities and municipalities of Laguna, Department of Interior and Local Government (DILG) Region 4A representatives, OIC-Director Ernesto C. Delos Reyes, Jr. of the BOI IAS.
“The signing of the MOA is timely and necessary in the recovery of the province and its local industries from the challenges brought by the pandemic. With collaboration, continuous sharing of information, and extension of assistance on facilitation, the synergy between the national and provincial government is crucial in rebuilding investors’ confidence and empowering local industries that would help refuel the economy back to its glorious days,” Executive Director Fondevilla said during the signing.
IAS conducted a capacity-building training session via Zoom on 7 May 2021 for the Local Economic and Investment Promotions Officers of the province. The seminar focused on the discussion of the national government’s investment priorities plan and the drafting of the Local Investments and Incentives Code. The recently approved Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law was also discussed so that the officers will be aware and updated on laws relevant to investments and economic development.
The province of Laguna is considered one of the country’s most important economic hubs primarily because of its strategic location, available skilled workers, and investment-friendly policies. Laguna is known for housing some special economic zones containing large-scale manufacturing industries in electronics, food, and cars among others. Aside from industrial activities, Laguna’s agricultural sector, tourism, service sector, and small-scale industries thrive and largely contribute to the economic successes of the province.
The collaboration between Laguna and BOI is seen as an instrument that will help the province to achieve its goal to steer towards economic growth and development. ♦
Date of Release: 26 August 2021