THE BOARD of Investments (BoI) has entered a memorandum of agreement (MoA) with the Security Bank Corp. for its Special Investor’s Resident Visa (SIRV) program which aims to attract more foreign investments in the Philippines. Under the agreement, Security Bank will be one of the depository banks for the SIRV program which will allow foreign investors to send their money to the Philippines through the bank to qualify for the program.
“We at the BoI are optimistic that this collaboration with the Security Bank will further strengthen the synergy of government and the private sector, and, hopefully, lead to a mutually beneficial relationship for both parties,” BoI Executive Director Maria Veronica F. Magsino said in a statement.
“The BoI’s SIRV program aims to increase the country’s foreign currency reserves by providing a residence visa with multiple-entry privileges in exchange for a minimum investment of US$75,000 in an eligible type of business (service or manufacturing industry),” the BoI said.
Last week, Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo reported that the investment approvals at the BoI reached P734 billion in the first nine months. He said that the number represents an increase of 102% from the P362 billion approved investments in the same period last year.
Of the nine-month approved investments this year, P427 billion accounted for foreign investments, which Mr. Rodolfo said are mostly on renewable energy projects.
In November last year, the government removed the foreign equity restrictions on renewable energy projects. Mr. Rodolfo said that this is among the reasons why there are a lot of investments in the sector. — Justine Irish D. Tabile
