The Board of Investments (BOI) was able to provide Wage Board – NCR with the latest updates on the country’s investment situation as the negative effects of the COVID-19 pandemic ascend in all parts of the regions.
In a Board Meeting convened by the Regional Tripartite Wages and Productivity Board – National Capital Region (RTWPB-NCR) last August 26, 2020 through online conference, the Board was able to invite BOI’s Executive Director Ma. Corazon Halili-Dichosa to provide relevant information related to local and foreign investments as well as government’s initiatives to augment the effects of the pandemic.
Executive Director Dichosa said that prior to the pandemic, the Philippine economy has been growing at a rate of more than 6% in the last 6 years. However, it started to decline starting the first quarter of 2020 due to the ill-effects of the COVID-19 pandemic. In fact, the total approved foreign and Filipino investment has declined by 58% during the 1st Quarter of the year. In order to address such concerns, BOI have initiated Rebuild Ph Program, which stands for Revitalizing Businesses, Investments, Livelihood and Domestic Demands. Said program contained broad strategies that will strengthen the demand and supply, thus empowering production capacities of the country’s investments. Such would include the improvement of investment climate by providing incentives and structural reforms, strengthen trade promotion and integration in global value chains, enforce standards to ensure high quality products in the market, and adoption of proper trade remedy measures, among others.
END / Kim Lagcao