DTI sees boost from new investment team

ABS-CBN News

Posted at Sep 01 2014 03:25 PM | Updated as of Sep 01 2014 11:25 PM

MANILA, Philippines – The Department of Trade and Industry (DTI) is expecting more investments in the country with the creation of the Investment Ombudsman Team (IOT).

“With the establishment of the investment ombudsman office, we advance the policy thrust of the Aquino administration for good governance and transparency, and attract more investors in the country,” DTI Undersecretary Ponciano Manalo Jr. said.

Overall Deputy Ombudsman Melchor Arthur Carandang was named the Investment Ombudsman of the team.

The IOT is aimed not only to attract more local and foreign investors, but also to address investment-related grievances and complaints of existing and potential investors.

Manalo said these efforts are expected to also elevate the country’s global competitiveness ranking.

Meanwhile, Board of Investments-Investment Assistance Center (BOI-IAC) Executive Director Raul Angeles said the BOI, DTI and its attached agencies already met with the IOT to set training programs.

The DTI and its attached regulatory agencies are set to brief the IOT on their mandates and functions and to discuss the coverage investment related issues this month.

“In line with these administrative arrangements, the BOI is also pursuing cooperative agreements with other government agencies on the joint facilitation of business permits and licenses for its registered firms and applicants,” Angeles said.

Angeles added that the BOI will set-up its One Window Network (OWN), which will allow investors to make electronic transactions with the agency.

The IOT was created by Ombudsman Conchita Carpio Morales by virtue of Office Order No. 327, series of 2014 that took effect on June 1.