The Philippine Board of Investments (BOI) is a government agency dedicated to fostering investments and industrial development in the Philippines. It serves as an attached agency operating under the Department of Trade and Industry (DTI), and is tasked with promoting local and foreign investments, creating job opportunities, and improving the country’s economic landscape. Understanding how BOI works particularly for investors and entrepreneurs, means being able to take advantage of the various incentives, including tax holidays and cash assistance programs, offered by the government to help businesses thrive in the Philippines.
As the country’s premier investment promotion agency, BOI also serves as a one-stop shop for businesses seeking to establish operations in the Philippines. It facilitates investments, offers comprehensive support services, and helps businesses navigate the complexities of starting and expanding enterprises. In this article, we took a closer look at the BOI as well as its functions and services, and how it contributes to the country’s economic growth by providing valuable assistance to investors.
Understanding BOI
BOI stands for the Philippine Board of Investments, a government agency under the DTI primarily responsible for promoting and generating investments in various sectors across the country. It is technically a government-managed investment promotion agency, with its main goal being to drive economic growth by attracting both local and foreign investors to engage in business activities within the Philippines.
The BOI can be considered a one-stop shop for investors and entrepreneurs who are looking to set up a business venture in the country. After all, it does offer a wide range of services from business registration to providing incentives such as tax holidays and exemptions. It also facilitates the development of industries by providing knowledge-based support and policy advocacy. Through its efforts, the BOI aims to create a business-friendly environment that fosters innovation, competitiveness, and sustainable economic development in the country.
History
The BOI was established to spearhead the country’s efforts in promoting industrial development and attracting investments. Since its inception, it has been shaping the economic landscape of the Philippines by offering various incentives and support to both local and foreign investors. Understanding the history and legal foundations of the agency helps people appreciate its impact on the nation’s economic growth.
The BOI was created by Republic Act No. 5186, known as the Investments Incentives Act, on September 16, 1967, to outline the areas where investments are encouraged and define the terms under which they will be allowed. This law was later supplemented by Republic Act No. 5455, the Foreign Business Regulation Act, in 1968, granting the BOI authority to implement provisions on foreign investments. In 1987, Executive Order No. 226, known as the Omnibus Investments Code, consolidated and harmonized various investment-related laws, further streamlining the registration process and incentives for businesses.
BOI Logo
The logo of the Philippine BOI features a modern and professional design, symbolizing the agency’s commitment to promoting investments and industrial growth in the Philippines. It’s a simple design consisting mainly of the acronym BOI and the name of the agency itself. The large, lowercase letters “b” and “i” represent the acronym “BOI,” emphasizing the agency’s identity. The “o” in “boi” is stylized as a golden circular pattern, which can be interpreted as a symbol of continuity, unity, and the dynamic nature of investments that BOI fosters within the country.
The BOI logo also uses the colors blue and gold to convey some sense of professionalism, stability, reliability, and excellence—qualities that BOI strives to embody in its services. Gold, on the other hand, symbolizes wealth, success, and growth, reflecting the agency’s mission to attract investments that will contribute to the economic development and wealth creation, and the agency’s role in guiding and supporting investors to achieve sustainable business success in the country.
BOI Mission
“We, the BOI family, are committed to develop globally competitive, innovative, and sustainable industries; and generate local and foreign investments; and create employment opportunities, guided by the principles of private initiative, regulatory compliance, and government cooperation. In pursuit of these commitments, we bind ourselves to render competent and efficient service through our passion for knowledge, utmost integrity, excellence and teamwork. Ours is a challenging task, yet with discipline and the guidance of an enlightened and strong leadership, we shall move forward.”
Vision
“Accelerate investments, develop globally competitive, innovative, and sustainable industries, and create employment opportunities by 2028.”
Core Values
The BOI operation is guided by a set of core values that define its commitment to serving investors and fostering economic growth. These values are central to the agency’s mission to provide efficient and effective support to both local and foreign businesses.
- Excellence: BOI strives for the highest standards in all its services, ensuring that investors receive top-quality assistance and guidance.
- Integrity: The agency upholds honesty and transparency in all its operations, building trust with stakeholders through ethical practices.
- Passion for Knowledge: BOI is dedicated to continuous learning and sharing valuable information with investors, helping them make informed decisions.
- Teamwork: Collaboration and cooperation are key at BOI, as the agency works together with various stakeholders to achieve common goals and drive economic progress.
Quality Policy
The Board of Investments is dedicated to building industries that are competitive, innovative, and sustainable on a global scale. It focuses on attracting local and foreign investments and creating jobs, while following the rules and working with the government. As a government agency, the BOI promises to always strive to improve their services to meet the needs and expectations of the target clients.
Mandate
The Philippine Board of Investments (BOI) is entrusted with the crucial role of promoting and generating investments in the country. Its mandate focuses on fostering a thriving business environment and ensuring that the Philippines remains an attractive destination for both local and foreign investors.
- Promote and Generate Investments: BOI works to attract investments that will boost economic growth and create jobs.
- Improve the Country’s Investment Image: The agency enhances the Philippines’ reputation as a viable and competitive investment destination.
- Support Industrial Development: BOI aims to develop globally competitive and sustainable industries across various sectors.
- Facilitate Economic Dispersal: The agency promotes the equitable distribution of industries throughout the country to ensure balanced economic development.
Organizational Structure
The organizational structure of the Philippine Board of Investments (BOI) is designed to ensure effective management and decision-making within the agency. It is composed of key officials and representatives who collaborate to guide the agency’s activities and policies. The structure ensures that BOI can fulfill its mandate of promoting and generating investments in the Philippines.
- Chairman: The Secretary of Trade and Industry serves as the Chairman of the BOI, providing overall leadership and strategic direction.
- Vice-Chairman and Managing Head: The Undersecretary of the Department of Trade and Industry for Industry and Investments acts as the Vice-Chairman and Managing Head, overseeing the day-to-day operations of the BOI.
- Board of Governors: The BOI’s board includes three Undersecretaries from the Department of Trade and Industry, and three representatives from other government agencies or the private sector, all appointed by the President. These governors play a key role in shaping policies and making critical decisions for the agency.
Benefits
The BOI offers significant advantages to businesses and investors by offering essential support throughout the business process, helping them navigate procedures and offering ongoing guidance to ensure that the businesses enjoy the benefits of operating in the country. The agency also facilitates partnerships and collaborations that foster a friendly and effective investment environment.
- Expert Assistance regarding Advisory, Actualization and Aftercare: BOI guides businesses through essential procedures and offers ongoing support to maximize benefits.
- Reliable Information from Knowledge-based Research and Information: The agency serves as a hub for up-to-date and relevant information about various industries in the Philippines.
- Increased Visibility through Marketing & Promotions Initiatives: BOI helps companies gain exposure and connect with potential partners through local and international marketing efforts.
- Attractive Incentives: Businesses can take advantage of tax breaks, duty exemptions, and other benefits to enhance their growth potential.
- Policy Support and Advocacy: BOI keeps businesses informed about relevant policies and advocates for investor-friendly solutions based on feedback and market needs.
Coverage
The Philippine BOI extends its services to a wide range of industries and investors, aiming to foster economic growth and development across the country. Through its programs and incentives, BOI supports various sectors and stakeholders, ensuring that they can thrive and contribute to the nation’s progress. Understanding who benefits from BOI’s initiatives is essential to appreciate the agency’s impact on the economy.
- Local Entrepreneurs: Filipino business owners receive support in the form of tax incentives, investment guidance, and access to resources that help them grow their enterprises.
- Foreign Investors: International businesses are encouraged to invest in the Philippines through attractive incentives like tax holidays and simplified business processes.
- Export-Oriented Businesses: Companies focused on exporting goods and services benefit from special incentives that enhance their global competitiveness.
- Industries in Investment Priorities Plan (IPP): Businesses operating in sectors listed in the IPP, such as manufacturing, infrastructure, and technology, receive targeted support to boost their growth.
- Less-Developed Areas: Investments in economically underdeveloped regions are promoted through additional incentives, helping to balance economic development across the country.
Programs and Service
As the premiere investment promotion agency of the Philippine government, the BOI is tasked with everything that has something to do with attracting investors and making business investments appear, grow, and stay in the country. Its programs are geared towards this end as well. The following are some of the key programs and services designed to support industry and investment growth in the Philippines:
1. Industry Development
Programs aimed at boosting the automotive and manufacturing sectors. Key initiatives include the following:
- Comprehensive Automotive Resurgence Strategy,
- Roads Leveraging Linkages of Industry and Trade, and
- Manufacturing Resurgence, which involves multiple agencies such as the
- Department of Trade and Industry (DTI),
- Department of Science and Technology (DOST), and
- National Electrification Administration (NEA)
2. Investments Promotion
Efforts to attract and support investments. This includes the following services:
- Philippine Investment Promotion Plan,
- A map of Investment Promotions Agencies,
- Schedules for capability-building training, and
- Details on investment-ready locations
How BOI Supports Filipino Entrepreneurs
In addition to attracting foreign investments, the BOI also supports Filipino entrepreneurs by offering the following services and initiatives:
- Provides policy advocacy,
- Ensuring that businesses are informed about relevant policies and regulations
- Acting as conduit for feedback and suggestions from the business community,
- Advocating for investment-friendly solutions.
- Promoting sustainable industries
- Creating employment opportunities
- Promoting investment opportunities and industries,
- Developing investments in the Philippines,
- Assisting investors,
- Acting as a one-stop shop for doing business in the Philippines, and
- Administering incentives for strategic investment projects.
The BOI also offers tax incentives to businesses that operate in the Philippines, such as:
- Income tax holidays for 3–8 years
- Exemption from local business taxes for 4–6 years
- Equity investment in a Philippine corporation
- Simplified customs procedures
- Simplified employment for foreign nationals and expats
- Exemptions from wharf dues
- Tax credits
The BOI also fully embodies its commitment to provide efficient and effective services to all its clients, regardless if they are local entrepreneurs or international investors.
Video: BOI Philippines (2023)
Learn more about the Philippine Board of Investments and how it helps businesses thrive in the Philippines by watching this informative video from BOI Philippines about the agency’s roles and services.
Summary
The BOI is the agency in-charge of promoting investments and industrial development in the Philippines. By offering a wide range of incentives, including tax holidays and cash assistance programs, BOI attracts both local and foreign investments that contribute to the country’s economic growth. The agency also offers comprehensive support services, and combined with its commitment to excellence, makes it an essential partner for businesses looking to establish and expand operations in the Philippines.
Contact Information
For inquiries or concerns, you may reach out to the BOI via the following:
Philippine Board of Investments (BOI)
Main Office Address: Industry and Investments Building 385 Senator Gil Puyat Avenue, Makati
Contact Number: (02) 88976682, 8683-3500/8897-6682 (BOI Trunkline: (Pilot Number)) OPERATOR: 0/213
Email Address: philippines.business@boi.gov.ph
Official Website: https://boi.gov.ph/
Social Media Pages:
Facebook: https://web.facebook.com/boiphilippines
Youtube: https://youtube.com/@boardofinvestmentsphilippines?si=QYJPirpV03u0_JNv
