THE Board of Investments (BoI) said it expects to finalize its Foreign Investment Promotion and Marketing Plan (FIPMP) by January.
Lanie O. Dormiendo, a director at the BoI International Investments Promotion Service, told reporters that FIPMP has gone through public consultation.
“The deadline was set on Dec. 13 because the Inter-Agency Investment Promotion Coordination Committee (IIPCC) intends to finalize the FIPMP by January next year,” she said in a recent briefing.
According to Ms. Dormiendo, the FIPMP will identify priority areas for promotion not just by the BoI but by all investment promotion agencies.
“As you know, the Philippine Economic Zone Authority is also a member of the IIPCC, and there will be identified targets also in the plan,” she said.
Last month, the BoI invited the public to provide feedback on the draft FIPMP, which is designed to enhancing the Philippines’ competitiveness in the face of stiff competition from elsewhere in Southeast Asia.
The marketing plan seeks to highlight the Philippines’ unique advantages, such as its strong English proficiency, a robust business process outsourcing industry, and preferential trade agreements.
It also hopes to address any perceived barriers to investment, such as infrastructure challenges and regulatory uncertainty.
“By clearly communicating these strengths and addressing weaknesses, the country can better position itself as an attractive destination for global investors,” according to the FIPMP draft.
“With the execution of this promotion and marketing plan, the Philippines is projected to increase foreign direct investment (FDI) by 5%, with an additional percentage point of growth expected annually until 2028,” it added.
Last month, the Bangko Sentral ng Pilipinas said that FDI net inflows slumped 36.2% to $368 million in September.
This brought nine-month FDI net inflows to $6.66 billion, up 3.8%.
According to the draft, the creation of a marketing and communication execution plan will be the next phase of the strategy.
“This execution plan will operationalize or create the necessary outputs based on the strategies discussed in this plan to ensure the successful delivery of the campaign,” it said.
“This includes strengthening internal resources, elevating government partnerships, and optimizing digital platforms that can effectively support the plan’s objectives,” it added. — Justine Irish D. Tabile
