MinDA, investments board partner to boost investments

Tuesday, February 21, 2012

SEEKING to generate more investments for the island, the Mindanao Development Authority (MinDA) is set to forge a partnership agreement with the Philippine Board of Investments (BOI) that would enhance mechanisms on investment promotion in Mindanao.

The MinDA Board has approved during its regular meeting recently a draft memorandum of agreement between MinDA and BOI, underscoring greater collaboration in increasing capacities of MinDA in investment facilitation and generation.

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The Regional Board of Investments-Autonomous Region in Muslim Mindanao (RBOI-Armm) has also expressed its interest to forge cooperation with MinDA. Altogether, the three agencies will undertake collaborative efforts to promote and facilitate investments in Mindanao, both domestic and foreign.

The partnership is already eyeing the Middle East to be one of the major target markets of the now booming Halal production industry in Armm.

Earlier, through series of discussions on efforts aimed at boosting investments in Mindanao, the BOI agreed to assist MinDA in the implementation of its program called “Investment Facilitation in Mindanao.”

An attached agency of Department of Trade and Industry, BOI is the lead government agency responsible for the promotion of investments in the country. It also assists both local and foreign investors to venture and prosper in desirable areas of economic activities.

BOI has firmed up its support through the MOA to assist MinDA and RBOI Armm in linking with target investors, both domestic and foreign, as well as for investment efforts that cover the regions of Mindanao and Palawan which are the country’s focus areas to the Brunei-Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area (Bimp-Eaga).

“With this strengthened partnership between MinDA and RBOI-Armm, we are positive that we can expand the investment opportunities in Mindanao to Bimp-Eaga and beyond,” said BOI Director Raul Angeles.

Angeles also reported that with the specific arrangements they have with RBOI-Armm, the latter can directly approve and provide for the investment incentives, instead of the central BOI.

Meanwhile, MinDA will focus on coordinating with relevant agencies and linking with the private sector in Mindanao and Palawan to facilitate the marketing of investment opportunities in the said areas. It will also take the lead in preparing the implementation plan and results monitoring framework of the investment program.

“This is a significant move in achieving our vision of a Mindanao that is financially self-reliant and able to effectively use its own funds to direct a self-determined development path,” said MinDA chair Luwalhati R. Antonino.

There are 37 BOI registered investments in Mindanao as of September 2011, mostly driven by local investors in the power industry, mineral development, and real estate development.

“We will work towards having a policy environment that is conducive to private sector investments and partnerships, and this current partnership with BOI will truly speed up the process of getting there,” added Antonino. (PR)