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Streamlining investment procedures: Transforming BOI into a comprehensive one-stop hub

The government should consider converting the Board of Investments into a one-stop-shop for investors instead of just approving incentives for projects.

Even with the Ease of Doing Business Act and the creation of the Anti-Red Tape Authority, businesses still need to secure some 30 permits to start operations, PCCI president George T. Barcelon said at the Philippine Chamber of Commerce and Industry’s first Media Kapihan at the Astoria Hotel-Ortigas on August 31, 2023.

The PCCI is the country’s largest organization of businessmen.

Barcelon said the reduction to 30 permits represents an improvement from the previous requirement of 60 permits. Nevertheless, the current 30-permit requirement is still perceived as being quite substantial.

“We should have a one-stop-shop for investments,” PCCI Human Resources Development Foundation president Alberto Fenix Jr. suggested.

According to Fenix, converting the BOI into an investment promotion agency and doing more than just approving incentives for investments could entice prospective investors to embark on new projects and businesses or expand existing ones.

The BOI’s mandate is to regulate and promote investments in the country and develop industries.

Some investors encounter problems securing permits from the local government units, and among the permits required by some are clearances or permits even at the barangay level.

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