THE BOARD of Investments (BoI) is eyeing more investments in Ilocos Norte, a province in the northwestern tip of the country, citing its geographical location and renewable energy sector.
In a statement on Wednesday, the BoI said it signed a memorandum of agreement (MOA) with the Ilocos Norte local government in November to help the province attract more investments in agriculture, tourism, renewables, infrastructure, and services.
According to the BoI, its partnership with the Ilocos Norte provincial government would position the province as a gateway and a major commercial hub in northern Philippines.
It added that the partnership would help link the north and central Luzon areas to neighboring countries such as Taiwan, China, Hong Kong, Japan, and South Korea.
BoI Managing Head Ceferino S. Rodolfo said the province’s strengths “could also position Ilocos Norte as a top destination for high-value manufacturing and agriculture, powered by renewable energy.”
Ilocos Norte Governor Matthew Marcos Manotoc said the province offers incentives under its local investment code, such as tax holiday on real property.
Under the partnership, the Ilocos Norte provincial government will provide information to the BoI such as its investment profile and opportunities. It will also establish a green lane for BoI-registered firms to accelerate the processing of projects.
The BoI, for its part, will provide the provincial government with technical support on investment-related matters and connect the province with prospective local and foreign investors. — Revin Mikhael D. Ochave