MANILA, Philippines - The government has officially added two more investment promotion agencies (IPA) to help market the Philippines to prospective investors through road shows and the grant of incentives.
Through a memorandum of agreement signed on December 16, the Authority of the Freeport Area of Bataan and the Tourism Infrastructure Enterprise Zone Authority were added to the country’s list of IPAs that now number 13.
The other IPAs are the Board of Investments, Philippine Economic Zone Authority, Bases Conversion Development Authority, Subic Bay Metropolitan Authority, Clark Development Corp., Philippine Retirement Authority, Phividec Industrial Authority, Aurora Special Economic Zone Authority, Cagayan Economic Zone Authority, Zamboanga City Special Economic Zone Authority and Freeport and the Regional Board of Investments of the Autonomous Region of Muslim Mindanao.
These agencies will implement the country’s Philippine Investments Promotion Plan (PIPP), the marketing scheme devised by the government to lure investors.
“It is extremely important to work together with our colleagues in other promotion agencies because this will further beef up greater development in terms of our vision to promote a holistic business environment,” Deogracias G.P. Custodio, Afab chairman, said
Mark Lapid, Tieza chief operating officer, said, “our inclusion in the PIPP will help us market the niche for the infrastructure development in the tourism sector.”
On June 23, the IPAs completed and launched the medium-term PIPP to steer the Philippines through the tides of globalization and prime up capital inflows into the economy.
The PIPP is a blueprint for all IPAs to synchronize strategies in investment promotion. The Japan International Cooperation Agency provided the needed technical support. Jica mobilized the technical expertise of Nomura Research Institute for the preparation and completion of the PIPP.
As a medium-term marketing development plan covering 2010-14, this document lays down the strategies to achieve a world-class brand image for the country within the intertwined approaches of image building, investment generation and investment servicing.
“The PIPP is the synergy that emerges from various IPAs. If you chase the butterfly it rides away on the wind, but if you stand still in the right place, the butterfly will come to you. With the PIPP in place, of course, including Tieza and Afab, marketing the Philippines as an investment destination will never be tough,” Cristino Panlilio, trade undersecretary and BOI managing head, said.
Through the PIPP, he said the IPAs’ investment-promotion efforts would be harmonized, thus maximizing the use of the country’s marketing resources. It will also carry out focused promotional approaches in informing the international business community of the Philippine investment landscape and unique investment potentials.