By Anna Gabriela A. Mogato
The Board of Investments (BOI) signed a memorandum of understanding (MOU) with the International Finance Corporation-World Bank (IFC-WB) to develop the country’s investment policy, industrial promotion, and local supplier linkages.
In a statement released on Thursday, the lead investment promotions agency announced that an MOU with IFC-WB was signed last Sept. 21 to further support the government’s Inclusive Innovation Industrial Strategy (i3S), with the IFC-WB agreeing to provide the Department of Trade and Industry technical assistance and advisory support.
In its policy paper released last year, the BOI said that their i3S program seeks to develop 12 major industries as innovative, globally competitive, and
strongly-linked in both domestic and global value chains.
With i3S seen to improve competition, BOI Managing Head Ceferino S. Rodolfo in a statement said that this will allow the country to capitalize on opportunities created by rapid globalization, and new advancements in technology.
The MOU will also support BOI’s foreign direct investments (FDI)-centric industrial promotion, amid the global economy’s shift into the Fourth Industrial Revolution (4IR).
Trade Assistant Secretary for Industry Development and Trade Policy Rafaelita M. Aldaba said that the 4IR “poses a challenging task on how to sustain not only the level of FDI inflows but also the growth of manufacturing and services in the economy.”
“We have to be ready on how to offset these challenges and disruption with new strategies and interventions tailor-made for industries so that they will able to maintain their growth and competitiveness,” she said.