THE Board of Investments (BoI) has signed a memorandum of agreement (MoA) with the city of Cabuyao, Laguna, to promote investment and ease of doing business in the area.
In a statement released on Thursday, the Department of Trade and Industry’s investment promotions arm will promote the city to investors the city to investors. Cabuyao meanwhile will allow the BoI to facilitate investment applications and follow-ups.
BoI Assistant Secretary Fe A. Reyes, who signed the MoA as the representative of BoI Managing Head Ceferino S. Rodolfo, said: “This undertaking further complements the agency’s various initiatives to strategically promote the country as an investment destination of choice and generate the much-needed employment for Filipinos.”
Cabuyao Mayor Rommel A. Gecolea said Cabuyao is the first city to sign an agreement with BoI, and he expects other local governments will do the same. Prior to the signing, the city said it was able to bring down processing time for business permits to around 10 minutes.
“We decided to get in touch with the BoI because I believe that the key to prosperity is investments, with the help of BoI. We are the first, but I hope other LGUs will do the same,” he added. — Anna Gabriela A. Mogato
