In charge of offering tax incentives to local and foreign businesses in the Philippines, the Board of Investments (BOI) is keen to make sure all its registered firms are up to date with the latest policies and guidelines. As a result, the agency has been busy with its compliance information drive.
Since the year started, BOI’s Legal and Compliance Service department has successfully completed three information drives in Makati, Cebu, and Davao. These drives had a great turnout, with over 350 representatives from various BOI-registered firms in attendance.
In these information drives, the following topics were discussed:
- Compliance of BOI-registered firms with the agency’s terms and conditions
- Submission guidelines for reportorial requirements
- Board policy updates
Attendees were also given the microphone to ask questions and raise their concerns.
“We appreciate that the BOI is regularly conducting events like this, not only in Metro Manila, but [in other regions as well] to keep us informed on how we can ensure that our BOI registrations are in good standing,” remarked one participant.
The importance of compliance information drives
Since BOI-registered firms are spread across the country, it can be hard to disseminate information. That’s where compliance information drives come in.
“Compliance information drives such as this are very important so we increase compliance rate of BOI-registered firms which then will translate investment commitments into realized investments, which are mostly labor-intensive and socially relevant, creating the much needed jobs and improving the lives of the Filipino people,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.
In short, compliance information drives create an avenue where BOI-registered firms can get all the information they need to comply with agency guidelines. And when the compliance rate is high, BOI can use the data to improve inter-agency processes and help create policies that are beneficial to the registered firms.
“With these series of learning sessions, we aim to raise awareness and instill diligence upon the BOI-registered firms to comply with the terms and conditions of their projects, including submission of reportorial requirements,” said Atty. Elyjean Portoza, OIC Director of the Legal and Compliance Service team.
Impact of BOI-registered investment projects
One of the main topics highlighted during these BOI compliance information drives was the influence of BOI-registered investment projects on the Philippine economy.
With approximately 15,000 projects spread across the country registered with the BOI last December 2018, it’s undeniable that these projects have been a huge help in boosting economic activity, especially in the areas outside Metro Manila.
BOI-registered investment projects have also allowed industries like manufacturing to expand their capabilities.
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If you want to find out more about the BOI registrations and their new policies and guidelines, feel free to get in touch with Duran & Duran-Schulze Law today.