THE Board of Investments (BoI) said it signed an investment promotion and facilitation agreement with the Batangas government to expedite investment approvals.
“The two parties will strengthen their partnership to ensure ease of doing business and quick realization of investments in Batangas province,” the BoI said in a statement on Thursday.
Under the agreement, the investment promotion agency will provide technical assistance to the province through training to capacitate local government unit frontliners on investment promotion and investor servicing.
The memorandum of agreement also involves promoting the province as a prime investment destination.
Batangas has been one of the top economic drivers in the Calabarzon region due to its robust infrastructure, which includes the Batangas International Port.
The province is also home to at least 16 economic zones and 846 locators.
It also hosts 17 operational coal, oil-based, natural gas, solar, and geothermal power plants, with 19 more planned power projects in the coming years, with nine offshore wind projects expected to undergo testing and commissioning by 2029.
“In return, Batangas will provide BoI with all necessary information relevant to investment promotion, such as land availability and the cost of doing business,” the BoI said.
“Additionally, Batangas will appoint a designated green lane focal unit or person to coordinate with BoI for facilitating strategic investments through the green lane,” it added.
The government, through Executive Order No. 18, established the “green lane” system in all government agencies to expedite the approval and registration process for priority or strategic investments.
Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo and Batangas Governor Hermilando I. Mandanas signed the agreement last month. — Justine Irish D. Tabile